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 115,000 units 118,000 units 3,000 units 405,000 240,000 $ 645,000 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,000 units X $135) Fixed (3,000 units * 588) 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 62 per unit $3,220,000 $7,400,000 $1,416,000 4,600,000 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. Answer is not complete. OAK MART COMPANY Variable Costing Income Statement Sales $ 37,760,000 Beginning inventory: Variable costs 405,000 Manufacturing costs this year Direct materials Direct labor Variable overhead costs Total variable costs available Plus: Variable costs Variable selling and administrative expenses 5,290,000 X 7,590,000 > 3,600,000 16,885,000 % 16,885,000 $ 1,300,000 Total variable costs 1,300,000 Net income (loss) $ 8,175,000