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Oak Mart, a producer of solid oak tables, reports the following data from its first year of business.
| Sales price per unit | $ 320 | per unit |
| Units produced this year | 110,000 | units |
| Units sold this year | 110,000 | units |
| Variable selling and administrative expenses | $ 11 | per unit |
| Fixed selling and administrative expenses | $ 4,000,000 | per year |
| Direct materials | $ 46 | per unit |
| Direct labor | $ 68 | per unit |
| Variable overhead | $ 32 | per unit |
| Fixed overhead | $ 7,400,000 | per year |
2. Prepare the current-year income statement using absorption costing.
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