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) 719 0 Saved 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 $ 540,000 280,000 820,000 $ 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) Fixed (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 Fixed 44 per unit 68 per unit $3,600,000 $ 7,200,000 $1,400,000 4,200,000