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Required information Exercise 19.7 Income reporting under absorption costing and variable costing LO P2 The...

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Required information Exercise 19.7 Income reporting under absorption costing and variable costing LO P2 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 $ 310 per unit 105,000 units 108,250 units 3,250 units $ 455,000 260,800 $215,000 Sales price per unit Units produced this year Units sold this year Units in beginning year inventory Beginning inventory costs Variable (3,250 units X $140) Fixed (3,250 units * $80) 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 $ $ 44 per unit 62 per unit $3,600,000 $7,200,000 $1,450,000 4,400,000 1. Prepare the current-year income statement for the company using variable costing. OAK MART COMPANY Variable Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss)

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