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Oak Mart, a producer of solid oak tables, reports the following data from its second...

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Accounting

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Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 300 per unit 120,000 units 123,750 units 3,750 units $ 506,250 281,250 787,500 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,750 units * $135) Fixed (3,750 units * $75) 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 $3,000,000 $7,600,000 $1,350,000 4,600,000 Exercise 19-7 Part 2 Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss)

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