! 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 $ 370 per unit 126,000 units 126,000 units $ 22 per unit $ 4,650,000 per year $ 50 per unit $ 72 per unit $ 38 per unit $ 8,694,000 per year 1. Prepare the current-year income statement using variable costing. * Answer is complete but not entirely correct. > OAK MART Income Statement (Variable Costing) Sales $ 46,620,000 Less: Variable expenses Variable cost of goods sold $ 0 X Variable selling and administrative expenses 2,772,000 0 2,772,000 Contribution margin 23,688,000 Less: Fixed expenses Fixed overhead $ 8,694,000 Fixed selling and administrative expenses 4,650,000 0 13,344,000 Income S 10,344,000 $