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. S 320 per unit 110,000 units 113,250 units 3,250 units 438,750 260,000 $ 698,750 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,250 units $135) Fixed (3,250 units X $80) 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 s 42 per unit $ 68 per unit $3,600,000 $7,400,000 $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 Beginning inventory: Manufacturing costs this year + 0 Net income (loss) Prey of 8