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 $ $410$ per unit

Units produced this year $134,000$ units

Units sold this year $134,000$ units

Variable selling and administrative expenses $ $30$ per unit

Fixed selling and administrative expenses $ $4,690,000$ per year

Direct materials $ $58$ per unit

Direct labor $ $80$ per unit

Variable overhead $ $46$ per unit

Fixed overhead $ $10,318,000$ per year

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

$1.$ Prepare the current$-$year income statement using variable costing$\mathrm{.}2.$ Prepare the current$-$year income statement using absorption costing.