6.11 Saved Required information Exercise 6-11 (Algo) Absorption costing and variable costing income statements 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 first year of business. Sales price per unit $ 300 per unit Units produced this year 110,000 units Units sold this year 110,000 units Variable selling and administrative expenses 5 15 per unit Fixed selling and administrative expenses $ 4,600,000 per year Direct materials $ 44 per unit Direct labor $ 70 per unit Variable overhead $ 28 per unit Fixed overhead $ 7,600,000 per year Exercise 6-11 (Algo) Part 1 1. Prepare the current-year income statement using variable costing ces OAK MART Income Statement (Variable Costing) Sales Less Variable expenses Variable cost of goods sold Variable selling and administrative expenses $ 330,000 0 Contribution margin Less Foed expenses Fbced selling and administrative expenses Fixed overhead Income 2 Required information Exercise 6-11 (Algo) Absorption costing and variable costing income statements LOF [The following information applies to the questions displayed below. Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 300 per unit 110,000 units 110,000 units $ 15 per unit $ 4,600,000 per year $ 44 per unit $ 70 per unit $ 28 per unit $ 7,680,000 per year Exercise 6-11 (Algo) Part 2 2. Prepare the current-year income statement using absorption costing. OAK MART Income Statement (Absorption Costing) Income