Required information Exercise 19-7 Income reporting under absorption costing and variable costing LO P: 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 Part 1 of 2 214 business 310 per unit sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costa 115,000 units 118,750 units 3,750 units Variable (3,750 units $135) Fixed (3,750 units$75) 506,250 281 250 S 787,500 Manufacturing costs this year Direct materiala Direct labor Overhead costs this year 40 per unit 62 per unit Varlable overhead Fixed overhead 53,600,000 $7,600,000 Selling and administrative costs this year Variable Fixed $1,300,000 ,600,000 Exercise 19-7 Part 1 20 8 9 5