[The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its first year of business.

Sales price per unit$ 320per unitUnits produced this year117,000unitsUnits sold this year117,000unitsVariable selling and administrative expenses$ 12per unitFixed selling and administrative expenses$ 4,600,000per yearDirect materials$ 40per unitDirect labor$ 62per unitVariable overhead$ 28per unitFixed overhead$ 7,020,000per year

Exercise 19-11 (Static) Part 1

1. Prepare the current year income statement using variable costing.