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. $ 300 per unit 115,000 units 118,500 units 3,500 units $ 472,500 262,500 $ 735,000 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units x $135) Fixed (3,500 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 $ $ 50 per unit 64 per unit $3,400,000 $7,400,000 $1,400,000 4,600,000 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 Sales Less: Variable costs Beginning inventory: Variable costs 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 0 0 Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs Beginning inventory Net income (loss) 12. 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)