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

Sales price per unit $ 350 per unit

Units produced this year 122,000 units

Units sold this year 122,000 units

Variable selling and administrative expenses $ 18 per unit

Fixed selling and administrative expenses $ 4,630,000 per year

Direct materials $ 46 per unit

Direct labor $ 68 per unit

Variable overhead $ 34 per unit

Fixed overhead $ 7,930,000 per year

1. Prepare the current-year income statement using variable costing.