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 second year of business 320 per unit 119,800 units 113,250 units 3,250 units $ 438,750 227.500 $ 666,250 Sales price per unit Units produced this year Units sold this year Units in beginning-year Inventory Beginning inventory costs Variable (3,250 units x 5135) Fixed (3,250 units X $70) Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Fixed $ $ 48 per unit 60 per unit $3,400,000 $7,200,000 $1,300,000 4,400,000 1. Prepare the current year income statement for the company using variable costing 1. Prepare the current-year income statement for the company using variable costing. 12 OAK MART COMPANY Variable Costing Income Statement Sales 36,240,000 Less: Variable costs Beginning inventory ok Manufacturing costs this year 1 0 0 Net income (loss) 2. Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Not income (loss) Fixed costs added to subtracted from) inventory