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Required information [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 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs 310 per unit 115,000 units 118,500 units 3,500 units Variable (3,500 units x $135) Fixed (3,500 units x $75) Total $ 472,500 262,500 $ 735,000 Manufacturing costs this year Direct materials Direct labor Overhead costs this year 48 per unit 68 per unit Variable overhead Fixed overhead $3,400,000 $7,200,000 Selling and administrative costs this year Variable Fixed $1,400,000 4,000,000 1. Prepare the current-year income statement for the company using variable costing OAK MART COMPANY Variable Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss) 2. Prepare the current year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss)