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 $ 375 per unit Units produced this year 127,000 units Units sold this year 127,000 units Variable selling and administrative expenses $ 23 per unit Fixed selling and administrative expenses $ 4,655,000 per year Direct materials $ 51 per unit Direct labor $ 73 per unit Variable overhead $ 39 per unit Fixed overhead $ 8,890,000 per year 1. Prepare the current-year income statement using variable costing. Sales $ 47,625,000 Less: Variable expenses Variable cost of goods sold Income 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 5 375 per unit Units produced this year 127,000 units Units sold this year 127,000 units Variable selling and administrative expenses 5 23 per unit Fixed selling and administrative expenses $ 4,655,000 per year Direct materials 5 51 per unit Direct labor $ 7'3 per unit Variable overhead $ 39 per unit Fixed overhead $ 8,890,000 per year 2. Prepare the currentyear income statement using absorption costing