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[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	$ 320	per unit
Units produced this year	117,000	units
Units sold this year	117,000	units
Variable selling and administrative expenses	$ 12	per unit
Fixed selling and administrative expenses	$ 4,600,000	per year
Direct materials	$ 40	per unit
Direct labor	$ 62	per unit
Variable overhead	$ 28	per unit
Fixed overhead	$ 7,020,000	per year

1. Prepare the current year income statement using variable costing. OAK MART Income Statement (Variable Costing) Sales $ 37,760,000 Less: Variable expenses Beginning inventory Variable overhead costs 0 Income 2. Prepare the current year income statement using absorption costing. OAK MART Income Statement (Absorption Costing) Income