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[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. $ 320 per unit 110,000 units 114,000 units 4,000 units $ 540,000 300,000 $ 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 * $135) Fixed (4,000 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 $ $ 44 per unit 68 per unit $3,200,000 $7,400,000 $1,400,000 4,400,000 1. Prepare the current-year income statement for the company using variable costing. OAK MART COMPANY Variable Costing Income Statement $ 36,320,000 Sales Less: Variable costs Beginning inventory: Variable costs $ 455,000 Manufacturing costs this year Direct materials Direct labor Variable overhead costs 5,280,000 7,040,000 3,200,000 15,975,000 15,975,000 13,500,000 Total variable costs available Less: Cost of goods sold Variable selling and administrative expenses $ Total variable costs 13,500,000 18,995,000 Contribution margin $ Fixed overhead costs Variable selling and administrative expenses 7,600,000 4,000,000 Total fixed expenses Net income (loss) 11,600,000 7,395,000 $ 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)