3 Part 2 of 2 10 points 01:37:28 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 2 2. Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement 3 Required information 2. Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY Part 2 of 2 10 points 01:37:06 eBook Ask Beginning inventory Manufacturing costs this year Net income (loss) Absorption Costing Income Statement Fixed costs added to(subtracted from) inventory