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! 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. $ 320 per unit 100,000 units 103, 250 units 3,250 units $ 422,500 227,500 650,000 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,250 units * $130) Fixed (3,250 units x $70) 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 $ 48 per unit 62 per unit $3,400,000 $ 7,400,000 $1,450,000 4,000,000 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 33,040,000 Sales Less: Variable costs Beginning inventory: Variable costs 422,500 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 4,800,000 6,200,000 3,400,000 14,822,500 0 $ 14,822,500 1,450,000 16,272,500 Total variable costs Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs $ 4,000,000 7,400,000 11,400,000 Total fixed expenses Net income (loss)