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.

[The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. 1. Prepare the current-year income statement using variable costing