Direct materials$[$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.

Prepare the current$-$year income statement using absorption costing.Direct materials

Direct labor

Variable overhead

Fixed overhead

Variable selling and administrative expenses

Fixed selling and administrative expenses

Units produced

Units sold

$$30$ per unit

$$50$ per unit

$$40$ per unit

Sales price

$$6,000,000$ per year

$$11$ per unit

$$5,000,000$ per year

$100,000$ units

$70,000$ units

$$350$ per unit

Prepare an income statement for the year using variable costing.

Prepare an income statement for the year using absorption costing.

Complete this question by entering your answers in the tabs below.

Prepare an income statement for the year using variable costing.

Direct labor $ $$50$ per unit

Variable overhead

Fixed overhead

Variable selling and administrative expenses

Fixed selling and administrative expenses

Units produced

Units sold

Sales price

$$6,000,000$ per year

$$11$ per unit

$$5,000,000$ per year

$100,000$ units

$70,000$ units

$$350$ per unit

Prepare an income statement for the year using variable costing.

Prepare an income statement for the year using absorption costing.

Complete this question by entering your answers in the tabs below.

Prepare an income statement for the year using variable costing. Sims Company began operations on January $1.$ Its cost and sales information for this year follow.

Direct materials $$30$ per unit

Direct labor $ $$50$ per unit

Variable overhead $$40$ per unit

Fixed overhead $$6,000,000$ per year

Variable selling and administrative expenses $ $11$ per unit

Fixed selling and administrative expenses $$5,000,000$ per year

Units produced $100,000$ units

Units sold $70,000$ units

Sales price $$350$ per unit

Prepare an income statement for the year using variable costing.

Prepare an income statement for the year using absorption costing.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare an income statement for the year using absorption costing.Direct materials

Direct labor

Variable overhead

Fixed overhead

Variable selling and administrative expenses

Fixed selling and administrative expenses

Units produced

Units sold

Sales price

$$30$ per unit

$$50$ per unit

$$40$ per unit

$$6,000,000$ per year

$$11$ per unit

$$5,000,000$ per year

$100,000$ units

$70,000$ units

$$350$ per unit

Prepare an income statement for the year using variable costing.

Prepare an income statement for the year using absorption costing.

Complete this question by entering your answers in the tabs below.

Prepare an income statement for the year using variable costing.