Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit $ 340 per unit Units produced this year 120,000 units Units sold this year 120,000 units Variable selling and administrative expenses $ 16 per unit Fixed selling and administrative expenses $ 4,620,000 per year Direct materials $ 44 per unit Direct labor $ 66 per unit Variable overhead $ 32 per unit Fixed overhead $ 7,560,000 per year 1. Prepare the current-year income statement using variable costing. Answer is complete but not entirely correct. OAK MART Income Statement (Variable Costing) Sales 40.800,000 Less. Variable expenses Direct materials X $ 5,280,000 $ Direct labor 7.920,000 X Variable overhead costs $ 3.840,000 $ 17,040,000 Contribution margin 17,040.000 Less Fixed expenses Fixed overhead $ 7,560,000 Fixed selling and administrative expenses 4,620,000 12,180,000 Income $ 4.860,000 O O X X