2 Part 1 of 2 10 points 01:39:09 eBook 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. Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units x $135) Fixed (3,500 units x $70) Total Manufacturing costs this year Direct materials Direct labor 320 per unit 105,000 units 108,500 units 3,500 units $ 472,500 245,000 $ 717,500 44 per unit 62 per unit Overhead costs this year Variable overhead $3,000,000 Ask Fixed overhead $7,200,000 Selling and administrative costs this year Variable Fixed $1,400,000 4,600,000 Exercise 19-7 Part 1 1. Prepare the current-year income statement for the company using variable costing. Sales OAK MART COMPANY Variable Costing Income Statement 2 Required information 1. Prepare the current-year income statement for the company using variable costing. Part 1 of 2 Sales OAK MART COMPANY Variable Costing Income Statement 10 points 01:38:57 eBook Ask Less: Variable costs Beginning inventory: Variable costs Manufacturing costs this year Direct materials Direct labor Variable overhead costs Total variable costs available Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses. Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs Net income (loss) 0 0