Exercise $6-11($Algo$)$ Absorption costing and variable costing income statements LO P$2$

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Oak Mart, a producer of solid oak tables, reports the following data from its first year of business.

Sales price per unit $ $360$ per unit

Units produced this year $124,000$ units

Units sold this year $124,000$ units

Variable selling and administrative expenses $ $20$ per unit

Fixed selling and administrative expenses $ $4,640,000$ per year

Direct materials $ $48$ per unit

Direct labor $ $70$ per unit

Variable overhead $ $36$ per unit

Fixed overhead $ $8,308,000$ per year

Exercise $6-11($Algo$)$ Part $1$

$1.$ Prepare the current$-$year income statement using variable costing.