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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. $ 320 per unit 120,000 units 123,750 units 3,750 units $ 487,500 281,250 768,750 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,750 units x $130) Fixed (3,750 units x $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 $ 40 per unit 60 per unit $3,000,000 $7,600,000 $1,300,000 4,200,000 Exercise 19-7 Part 1 1. Prepare the current-year income statement for the company using variable costing. Required information Variable Costing Income Statement Beginning inventory: Manufacturing costs this year Net income (loss)

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