Oak Mart, a producer of solid oak tables, reports the following data from its second year of business, $ 320 per unit 1ee, eee units 103,758 units 3,750 units $ 525,000 281,250 $ 806,250 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,758 units * $140) Fixed (3,750 units * $75) 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 $ $ 46 per unit 64 per unit $3,200,000 $7,6ee, eee $1,500, eee 4,200, eee 2. Prepare the current-year income statement for the company using absorption costing. Answer is not complete. OAK MART COMPANY Absorption Costing Income Statement s 33,200,000 S 525,000 Sales Less: Cost of goods sold Beginning inventory Manufacturing costs this year Direct materials Direct labor 172,500 240,000 X w BI here to search O 99+ 5 2. Prepare the current-year income statement for the company using absorption costing % Answer is not complete. t 2 of 2 OAK MART COMPANY Absorption Costing Income Statement Sales 33,200,000 nts $ 525,000 Less: Cost of goods sold Beginning inventory Manufacturing costs this year Direct materials Direct labor Variable overhead costs OOO 172,500 240,000 Fixed overhead costs 937.500 Less: Ending inventory Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs OOOO Net income (loss) Fixed costs added to subtracted from inventory