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 Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (4,000 units x $135) Fixed (4,000 units x $70) 300 per unit 110,000 units 114,000 units 4,000 units 540,000 280,000 $ 820,000 Total Manufacturing costs this year Direct materials S 46 per unit Direct labor 62 per unit Overhead costs this year $3,400,000 $7,400,000 Variable overhead Fixed overhead Selling and administrative costs this year Variable $1,300,000 4,000,000 Fixed Exercise 19-7 Part 21 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)