Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. 320 per unit 120,000 units 124,000 units 4,000 units $ 520,000 300,000 820,000 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (4,000 units x $130) Fixed (4,000 units * $75) Total Manufacturing costs this year Direct materials Direct labor Overhead costs Variable overhead Fixed overhead Selling and administrative costs this year Variable Fixed $ $ 42 per unit 64 per unit is year $3,200,000 $ 7,200,000 $1,350,000 4,600,000 1. Prepare the current-year income statement for the company using variable costing. OAK MART COMPANY Variable Costing Income Statement Sales Less: Variable costs Beginning inventory: Variable costs Manufacturing costs this year Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses Plus: Fixed expenses Fixed selling and administrative costs 0 0 Manufacturing costs this year Direct materials Direct labor Variable overhead costs Variable selling and administrative expenses Plus: Fixed expenses Fixed selling and administrative costs 0 0 Net income (loss)