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 (3,750 units x $135) Fixed (3,750 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 $ 310 per unit 110,000 units 113,750 units 3,750 units $ 506,250 281,250 $ 787,500 $ 44 per unit $ 68 per unit $3,200,000 $7,000,000 $1,450,000 4,000,000 Exercise 19-7 Part 1 1. Prepare the current-year income statement for the company using variable costing. Beginning inventory: OAK MART COMPANY Variable Costing Income Statement Manufacturing costs this year Net income (loss)