11 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. Part 2 of 2 7.69 points $ 310 per unit 185,000 units 199,000 units 4,000 units $ 520,000 280,000 $ 800,000 8 02.07.10 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (4,000 units X $130) Fixed (4,608 units X $70) 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 62 per unit Hint $3,200,000 $7.200,00 References $1,450,000 4,400,000 Exercise 19-7 Part 2 2. Prepare the current year income statement for the company using absorption costing. OAK MART COMPANY Absorption Costing Income Statement Beginning inventory Manufacturing costs this year Mc 10 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 Part 1 of 2 7.69 points $ 310 per unit 105,000 units 109,000 units 4,000 units $ 520,000 280,000 $ 800,000 02.07-22 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (4,000 units * $130) Fixed (4,000 units x $78) 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 $ $ 48 per unit 62 per unit Hint $3,200,000 $7,200,000 $1,450,000 4,400,000 References Exercise 19-7 Part 1 1. Prepare the current year income statement for the company using variable costing OAK MART COMPANY Variable Costing Income Statement Sales Lase: Variable costs S 33,790,000 Beginning inventory Variable costs $ 520,000 Manufacturing costs this year Direct materials Direct labor Warishia miare che 4,200,000 6,510,000 22nnnn