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

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Accounting

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

Sales price per unit $ 320 per unit
Units produced this year 105,000 units
Units sold this year 108,500 units
Units in beginning-year inventory 3,500 units
Beginning inventory costs
Variable (3,500 units $135) $ 472,500
Fixed (3,500 units $75) 262,500
Total $ 735,000
Manufacturing costs this year
Direct materials $ 48 per unit
Direct labor $ 60 per unit
Overhead costs this year
Variable overhead $ 3,600,000
Fixed overhead $ 7,200,000
Selling and administrative costs this year
Variable $ 1,450,000
Fixed 4,400,000

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

2. Prepare the current-year income statement for the company using absorption costing.

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