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. 6 330 per unit 100,000 units 103,500 units 3,500 units Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units * $140) Fixed (3, 500 units x $70) Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable 6 490,000 245,000 6 735,000 6 44 per unit 62 per unit $3,600,000 $7,200,000 Fixed 61,350,000 4,000,000 1. Prepare the current-year Income statement for the company using variable costing. OAK MART COMPANY Variable Costing Income Statement / / / Sales Less: Variable costs Beginning inventory: S Variable costs ELATORI SI Manufacturing costs Direct materials Direct labor Variable overhead costs Total variable costs available Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net inmme (local 2. Prepare the current-year Income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss)