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 115,000 units 118,250 units 3,250 units $ 438, 750 243,750 $ 682,500 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,250 units x $135) Fixed (3,250 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 $ $ 50 per unit 66 per unit $3,400,000 $7,200,000 $1,350,000 4,400,000 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 Beginning inventory Manufacturing costs this year Net income (loss)