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 115,000 units 118,250 units 3,250 units $ 438,750 243,750 682,500 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,250 units X $135) Fixed (3,250 units X $75) 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 66 per unit $3,400,000 $7,000,000 $1,300,000 4,600,000 1. Prepare the current-year income statement for the company using variable costing. 36,657,500 OAK MART COMPANY Variable Costing Income Statement Net income Plus: Cost of goods sold Beginning inventory: Fixed costs Variable costs Manufacturing costs this year 0 0 Variable selling and administrative expenses Fixed selling and administrative costs Net income (loss) OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss) Fixed costs added to(subtracted from) inventory