xercise 6-11 (Algo) Absorption costing and variable costing income statements LO P2

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[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	$ 335	per unit
Units produced this year	119,000	units
Units sold this year	119,000	units
Variable selling and administrative expenses	$ 15	per unit
Fixed selling and administrative expenses	$ 4,615,000	per year
Direct materials	$ 43	per unit
Direct labor	$ 65	per unit
Variable overhead	$ 31	per unit
Fixed overhead	$ 7,378,000	per year

Exercise 6-11 (Algo) Part 1

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

OAK MART
Income Statement (Variable Costing)
Income