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.

Sales price per unit	$	310	per unit
Units produced this year		100,000	units
Units sold this year		103,250	units
Units in beginning-year inventory		3,250	units
Beginning inventory costs
Variable (3,250 units $135)	$	438,750
Fixed (3,250 units $80)		260,000
Total	$	698,750
Manufacturing costs this year
Direct materials	$	40	per unit
Direct labor	$	64	per unit
Overhead costs this year
Variable overhead	$	3,600,000
Fixed overhead	$	7,600,000
Selling and administrative costs this year
Variable	$	1,450,000
Fixed		4,200,000

Required information OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss) Fixed costs added to(subtracted from) inventory 1. Prepare the current-year Income statement for the Company usiy valid OAK MART COMPANY 1 I Variable Costing Income Statement Sales Less: Variable costs 1 Beginning inventory: 1 TI Variable costs 11 - T 1 Manufacturing costs this year - 1 Direct materials . Direct labor 1 1 1 1 TA 1 1 1 TO 10 DS - 1 1 - 10) O A 0 1 TO " ALA 11 Variable overhead costs Total variable costs available 1 1 1 O Less: Ending finished goods inve Variable cost of goods sold 0 Variable selling and administrative expe 1 1 Total variable costs 1 - Contribution margin 1 Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs