1. Prepare the current year income statement for the company using variable costing.

! Required information Exercise 19-7 Income reporting under absorption costing and variable costing LO P2 [The following information applies to the questions displayed below.) Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. 320 per unit 100,000 units 104,000 units 4,000 units $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (4,000 units * $135) Pixed (4,000 units * $70) Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Pixed 540,000 280,000 820,000 $ $ 44 per unit $ 68 per unit $3,600,000 $7,200,000 $1,400,000 4,200,000 OAK MART COMPANY Variable Costing Income Statement Beginning inventory: Manufacturing costs this year Net income (loss)