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Required information

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Oak Mart, a producer of solid oak tables, reports the following data from its first year of business.

Sales price per unit

Units produced this year

Units sold this year

Variable selling and administrative expenses

Fixed selling and administrative expenses

Direct materials

Direct labor

Variable overhead

Fixed overhead

$$320$ per unit

$117,000$ units

$117,000$ units

$$4,600,000$ per unit

$$4,600,000$ per year

$$40$ per unit

$$62$ per unit

$$28$ per unit

$$7,020,000$ per year

Prepare the current year income statement using variable costing.

OAK MART

Income Statement $($Variable Costing$)$