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	$ 385	per unit
Units produced this year	129,000	units
Units sold this year	129,000	units
Variable selling and administrative expenses	$ 25	per unit
Fixed selling and administrative expenses	$ 4,665,000	per year
Direct materials	$ 53	per unit
Direct labor	$ 75	per unit
Variable overhead	$ 41	per unit
Fixed overhead	$ 9,288,000	per year

2. Prepare the current-year income statement using absorption costing.