S Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 380 per unit 128,000 units 128,000 units $ 24 per unit $ 4,660,000 per year $ 52 per unit $ 74 per unit $ 40 per unit $ 9,088,000 per year Exercise 6-11 (Algo) Part 1 1. Prepare the current-year income statement using variable costing. OAK MART Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income $ 4,428,000