Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 320 per unit 110,000 units 113,500 units 3,500 units $ 455,000 262,500 $ 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 $130) Fixed (3,500 units x $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 $ $ 44 per unit 70 per unit $3,200,000 $7,200,000 $1,350,000 4,200,000 1. Prepare the current-year income statement for the company using variable costing. OAK MART COMPANY Variable Costing Income Statement Variable Costing Income Statement Beginning inventory: Manufacturing costs this year 0 0 0 0 Net income (loss) 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 Manufacturing costs this year Net income (loss) Fixed costs added to(subtracted from) inventory