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. $ 320 per unit 115,000 units 118,000 units 3,000 units $ 405,000 240,000 $ 645,000 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,000 units x $135) Fixed (3,000 units x $80) 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 40 per unit 62 per unit $3,220,000 $7,400,000 $1,416,000 4,600,000 1. Prepare the current-year income statement for the company using variable costing. Answer is complete but not entirely correct. OAK MART COMPANY Variable Costing Income Statement Sales 37,760,000 Less: Variable costs Beginning inventory: Variable costs $ 405,000 Manufacturing cost this year Direct materials 4,600,000 7,130,000 Direct labor Variable overhead costs 3,220,000 Total variable costs available 15,355,000 0 Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses 7,400,000 1,416,000 Total variable costs 8,816,000 Contribution margin 20,519,000 X Less: Fixed expenses Fixed selling and administrative costs $4,600,000 7,400,000 Fixed overhead costs Total fixed expenses 12,000,000 Net income (loss) $ 8,519,000