Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units * $135) Fixed (3,500 units * $70) 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 320 per unit 120,000 units 123,508 units 3,508 units $ 472,500 245,000 $ 717,500 $ 48 per unit $ 78 per unit $3,000,000 $7,400,000 $1,400,000 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 [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. 320 per unit 120,000 units 123,500 units 3,500 units $ 472,500 245,000 $ 717,500 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units * $135) Fixed (3,500 units * $70) 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 48 per unit 70 per unit $3,000,000 $7,400,000 $1,400,000 4,200,000 2. Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Required information [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. $ 320 per unit 120,000 units 123,500 units 3,500 units $ 472,500 245,000 $ 717,500 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units x $135) Fixed (3,500 units $70) 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 48 per unit $ 70 per unit $3,000,000 $7,400,000 $1,400,000 4,200,000 3. Fill in the blanks: The dolae difference in variable conting income and absorption cosing income units fixed overhead per unit