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. 310 per unit 105,000 units 108,750 units 3.750 units $ 506,250 281, 250 6 787,500 Sales price per unit Units produced this year Units sold this year Units in beginning-year Inventory Beginning inventory coats Variable (3.750 units $135) Fixed (3,750 units $75) Total Manufacturing costs this year Direct materials Direct labor Overhead coate this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Pixed $ 42 per unit $ 62 per unit $3,400,000 57,400,000 $1,450,000 4,000,000 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. OAK MART COMPANY Variable Costing Income Statement $ 33,712,500 Sales Less: Variable costs Beginning inventory: Variable costs $ 506,250 Manufacturing costs this year 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 4,410,000 6,510,000 3,400,000 14,826,250 $ 14,826,250 1,450,000 16,276,250 Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs $ 4,000,000 7,400,000 11,400,000 Total fixed expenses Net income (loss) 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) Fixed costs added to(subtracted from) inventory