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.

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 $ 320 per unit Units produced this year 117,688 units Units sold this year 117,688 units Variable selling and administrative expenses $ 12 per unit Fixed selling and administrative expenses $ 4,600,000 per year Direct materials $ 4e per unit Direct labor $ 62 per unit Variable overhead $ 28 per unit Fixed overhead $ 7,020, ese per year 1. Prepare the current year income statement using variable costing. OAK MART Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold S 0 Contribution margin Fixed overhead Income