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Required information Exercise 19-7 Income reporting under absorption costing and variable costing LO P2 [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit 320 per unit Units produced this year 160, 600 units Units sold this year 103, 506 units Units in beginning-year inventory 3, 506 units Beginning inventory costs Variable (3, 500 units x $140) 490, 660 Fixed (3, 500 units x $75) 262, 508 Total $ 752, 500 Manufacturing costs this year Direct materials 48 per 68 per it Direct labor unit Overhead costs this year Variable overhead $3, 400,060 Fixed overhead $7,6 1600,900 Selling and administrative costs this year Variable 400,060 Fixed , 400, 060 Exercise 19-7 Part 1 1. Prepare the current-year income statement for the company using variable costing.OAK MART COMPANY Variable Costing Income Statement $ O Beginning inventory: Manufacturing costs this year Net income (loss