Required information Exercise 6-11 (Algo) Absorption costing and variable costing income statements 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 first year of business, Sales price per unit $ 300 per unit Units produced this year 110,000 units Units sold this year 110,000 units Variable selling and administrative expenses $ 15 per unit Fixed selling and administrative expenses $ 4,600,000 per year Direct materials $ 44 per unit Direct labor $ 70 per unit Variable overhead $ 28 per unit Fixed overhead $ 7,680,000 per year Exercise 6-11 (Algo) Part 1 1. Prepare the current year income statement using variable costing hces OAK MART Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold $ 15,620,000 Variable selling and administrative expenses 1.650.000 330,000 17,270,000 Contribution margin Less Fixed expenses Fixed selling and administrative expenses Fixed overhead Income ! of 2 Required information Exercise 6-11 (Algo) Absorption costing and variable costing income statements 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 first year of business. Sales price per unit $ 300 per unit Units produced this year 110,000 units Units sold this year 110,000 units Variable selling and administrative expenses 5 15 per unit Fixed selling and administrative expenses $ 4,600,000 per year Direct materials $ 44 per unit Direct Labor $ 70 per unit Variable overhead $ 28 per unit Fixed overhead $ 7,600,000 per year Pok Int SK Exercise 6-11 (Algo) Part 2 int 2. Prepare the current-year income statement using absorption costing ences OAK MART Income Statement (Absorption Costing) Sales Cost of goods sold (Gross profit Selling and administrative expenses Income