0 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. 20 per unit Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs 115,000 units 118,000 unite 3,000 units Variable (3,000 units $135) Fixed (3,000 units $80 Total s 405,000 240,000 645,000 Hanufacturing costs this year Direct materials Direct labor Overhead costs this year 40 per unit 62 per unit Variable overhead Fixed overhead $3,220,000 $7,400,000 Selling and administrative costs this year Variable Pixed $1,416,000 4,600,000 OAK MART COMPANY Variable Costing Income Statement Beginning inventory Manufacturing cost this year Net income (ioss) 2. Prepare the current year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement Manufacturing costs this year: Net income (loss)