4 Dowell Company produces a single product. Its income under variable costing for its first two years of operation follow.Variable Costing IncomeIncomeAdditional Informationa. Sales and production data for these first two years follow.UnitsUnits producedUnits soldDirect materialsDirect laborVariable overheadYear 1$ 50,000Year 152,00040,000b. The company's $33 per unit product cost (for both years) using absorption costing consists of the following.Year 252,00064,000Fixed overhead ($500,000/50,000 units)Total product cost per unitVariable costing incomeAbsorption costing incomeYear 2$ 680,000Required:Prepare a statement to convert variable costing income to absorption costing income for both years. (Leave no cells blank - be certainto enter "0" wherever required.)Dowell CompanyConvert Variable Costing Income to Absorption Costing IncomeYear 1$69810$ 33$50,000 $Year 2680,000

Name: 4 Dowell Company produces a single product. Its income under variable
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: 4 Dowell Company produces a single product. Its income under variable costing for its first two years of operation follow.Variable Costing IncomeIncomeAdditional Informationa. Sales and production data for these first two years follow.UnitsUnits prod

The income statement is prepared to record the revenues and expenses of the current period and…

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Dowell Company produces a single product. Its income under variable costing for its first two years of operation follow. Variable Costing Income Income Additional Information a. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 52,000 40,000 Year 1 $ 50,000 Year 2 52,000 64,000 Year 2 $ 680,000 b. The company's $33 per unit product cost (for both years) using absorption costing consists of the following. Direct materials Direct labor Variable overhead Fixed overhead ($500,000/50,000 units) Total product cost per unit $6 9 8 10 $ 33 Required: Prepare a statement to convert variable costing income to absorption costing income for both years. (Leave no cells blank - be certain to enter "0" wherever required.) Dowell Company Convert Variable Costing Income to Absorption Costing Income Year 1 Year 2