! Required Information [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 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 $ 310 per unit 105,000 units 195,000 units $ 15 per unit $ 4,200,000 per year $ 42 per unit $ 66 per unit $ 30 per unit $ 7,200,000 per year 1. Prepare the current-year income statement using variable costing. OAK MART Income Statement (Variable Costing) Sales $ 32,550,000 Less: Variable expenses Direct materials Direct labor Selling and administrative expenses Contribution margin Less: Fixed expenses $ 4,410,000 6,930,000 $ 3,150,000 14,490,000 Fixed overhead $ 7.200,000 4,200,000 Fixed selling and administrative expenses 11,400,000 Income Required Information [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 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 $ 319 per unit 105,000 units 105,000 units $ 15 per unit $ 4,200,000 per year $ 42 per unit $ 66 per unit $ 30 per unit $ 7,200,000 per year 2. Prepare the current year Income statement using absorption costing OAK MART Income Statement (Absorption Costing) Selling and administrative expenses Total variable costs a Income