Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $340 per unit 120,000 units 120,000 units $ 16 per unit $ 4,620,000 per year $ 44 per unit $ 66 per unit $ 32 per unit $ 7,560,000 per year 1. Prepare the current-year income statement using variable costing. Answer is complete but not entirely correct. OAK MART Income Statement (Variable Costing) Sales $ 40.800,000 Less: Variable expenses Direct materials Direct labor $ 5,280,000 7,920,000 Variable overhead costs Contribution margin Less: Fixed expenses Fixed overhead $ 3,840,000 17,040,000 17,040,000 $ 7,560,000 Fixed selling and administrative expenses Income 4,620,000 12,180,000 4,860,000