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 $ 340 per unit 120,000 units 120,000 units $ 16 per unit $ 4,620,000 per year $ 44 per unit $ 66 per unit $ 32 per unit $ 7,560,000 per year 1. Prepare the current-year income statement using variable costing OAK MART Income Statement (Variable Costing) Sales. Less Variable expenses Variable selling and administrative expenses Variable overhead costs $ 1,920,000 5280 nnnl $ 40,800,000 L 1. Prepare the current-year income statement using variable costing. OAK MART Income Statement (Variable Costing) Sales $ 40,800,000 Less: Variable expenses Variable selling and administrative expenses $ 1,920,000 Variable overhead costs 5,280,000 Direct materials $ 0 7,200,000 5,280,000 nces Direct materials Income $ 5,280,000 5,280,000 5,280,000 15,840,000