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

1. Prepare the current-year income statement variable costing

2. Prepare the current-year infome statement using absorption costing

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 $ 330 per unit Units produced this year 118,000 units Units sold this year 118,000 units Variable selling and administrative expenses $ 14 per unit Fixed selling and administrative expenses $ 4,610,000 per year Direct materials $ 42 per unit Direct labor $ 64 per unit Variable overhead $ 30 per unit Fixed overhead $ 7, 198,000 per year Exercise 6-11 (Algo) Part 1 1. Prepare the current-year income statement using variable costing. 1. Prepare the current-year income statement using variable costing. OAK MART Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses 0 Contribution margin Less: Fixed expenses Fixed selling and administrative expenses Income 2. Prepare the current-year income statement using absorption costing. OAK MART Income Statement (Absorption Costing) Income