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, 000 units Units sold this year 117, 000 units Variable selling and administrative expenses $ 12 per unit Fixed selling and administrative expenses $ 4, 600, 000 per year Direct materials $ 40 per unit Direct labor $ 62 per unit Variable overhead $ 28 per unit Fixed overhead $ 7, 020, 000 per year 2. Prepare the current year income statement using absorption costing. OAK MART Income Statement (Absorption Costing) Selling and administrative expenses Income