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 105,000 units 108,500 units 3,500 units $ 472,500 280,000 752,500 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units x $135) Fixed (3,500 units X $80) 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 50 per unit 60 per unit $3,000,000 $7,000,000 $1,400,000 4,600,000 Prepare the current-year income statement for the company using variable costing. Sales Less: Variable costs Beginning inventory: Variable costs Fixed costs Manufacturing costs this year Direct materials $ 472,500 $ 280,000 Direct labor Variable overhead costs Total variable costs available 752,500 Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs Total variable costs available Net income (loss) Sales Sales Less: Variable costs Beginning inventory Manufacturing costs this year Variable overhead costs Direct materials Direct labor Fixed overhead costs Less: Ending inventory Beginning inventory Net income (loss) Fixed costs added to(subtracted from) inventory