Required Information Exerclse 19-7 Income reporting under absorptlon 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 115,000 units 118,508 units 3,500 units Units in beginning-year inventory Beginning inventory costs Variable (3,500 units x$148) Fixed (3,5e0 units x $75) 490,000 262,500 752,508 Total Manufacturing costs this year Direct materials 40 per unit 62 per unit Direct labor Overhead costs this year Variable overhead $3,400,0ee $7,600,e00 Fixed overhead Selling and administrative costs this year Variable $1,4ea,aea 4,600,eee Fixed Exercise 19-7 Part 1 1. Prepare the current-year income statement for the company using variable costing. OAK MART COMPANY Varlable Coating Income statement Beginning inventory: Manufacturing costs this year 0 Net income (loss)