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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. $ 310 per unit 120,000 units 123,000 units 3,000 units $ 420,000 225,000 $ 645,000 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,000 units X $140) Fixed (3,000 units X $75) Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Fixed $ $ 50 per unit 70 per unit $3,400,000 $7,600,000 $1,300,000 4,200,000 1. Prepare the current-year income statement for the company using variable costing. OAK MART COMPANY Variable Costing Income Statement Beginning inventory: Manufacturing costs this year 0