1. Prepare the current year income statement for the company using variable costing Required Informatlon OAK MART COMPANY Oak Mart, a producer of solid oak tables, reports the following data from its second year Variable Costing Income Statement of business. Sales Less: Variable costs Beginning inventory: Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs 310 per unit Variable costs 100,000 units 103,750 units 3,750 units Manufacturing costs this year Direct labor Direct materials Variable overhead costs $ 525,000 Variable (3750 units $140) Fixed (3,750 units x $75) 281.250 Total variable costs available Total $ 806.250 Less: Ending finished goods inventory Variable cost of goods sold Varia Manufacturing costs this year Direct materials Direct labor Overhead costs this year 50 per unit 68 per unit ble selling and administrative $3.200,000 $ 7400,000 Total variable costs Variable overheod Fixed owerhead Contribution margin Selling and odminstrative costs this year Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss)