Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 300 per unit 105,000 units 109,000 units 4,000 units $ 520,000 320,000 $ 840,000 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (4,000 units * $130) Fixed (4,000 units X $80) 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 66 per unit $3,600,000 $ 7,400,000 $1,400,000 4,400,000 Exercise 19-7 Part 1 1. Prepare the current-year income statement for the company using variable costing. Answer is not complete. OAK MART COMPANY Variable Costing Income Statement Sales $ 32,700,000 Less: Variable costs Beginning inventory: Variable costs Manufacturing costs this year Direct materials Direct labor Variable overhead costs |e|e|e|e|9| 0 Total variable costs available Less: Ending finished goods inventory 0 Fixed selling and administrative costs Fixed overhead costs Net income (loss) Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 300 per unit 105,000 units 109,000 units 4,000 units $ 520,000 320,000 840,000 $ 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 X $80) 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 66 per unit $3,600,000 $ 7,400,000 $1,400,000 4,400,000 Exercise 19-7 Part 2 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 - Net income (loss) Fixed costs added to(subtracted from) inventory