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. $ 320 per unit 110,000 units 113,500 units 3,500 units $ 472,500 262,500 $ 735,000 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units * $135) Fixed (3,500 units X $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 $ 48 per unit $ 62 per unit $3,400,000 $7,200,000 $1,500,000 4,200,000 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 1. Prepare the current-year income statement for the company using OAK MART COMPANY Variable Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss)