[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 $ 320 per unit Units produced this year 115,000 units Units sold this year 118,750 units Units in beginning-year inventory 3,750 units Beginning inventory costs Variable (3,750 units $135) $ 506,250 Fixed (3,750 units $75) 281,250 Total $ 787,500 Manufacturing costs this year Direct materials $ 50 per unit Direct labor $ 70 per unit Overhead costs this year Variable overhead $ 3,000,000 Fixed overhead $ 7,000,000 Selling and administrative costs this year Variable $ 1,500,000 Fixed 4,400,000 Exercise 19-7 Part 2 2.

Prepare the current year income statement for the company using absorption costing.