Required Information Exercise 19-7 Income reportlng under absorption costing and varlable 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 320 per unit 115,00a units 118,500 units 3,500 units Units in beginning-year inventory Beginning inventory costs Variable (3,500 units x $148) Fixed (3,50e units x $75) 498,000 262,500 752,500 Total Manufacturing costs this year- 48 per unit 62 per unit Direc material $ Direct labor Overhead costs this year- Variable overhead $3,400,000 $7,600,000 Fixed overhead Selling and administrative costs this year Variable $1,400,0e8 4,600,800 Fixed Exerclse 19-7 Part 2 2. Prepare the current year income statement for the company using absorption costing. OAK MART COMPANY ADBorption Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss) Fixed costs added to(subtracted from) inwentory