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Required information Exercise 6-11 (Algo) Absorption costing and variable costing income statements 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 first year of business. Sales price per unit $ 375 per unit Units produced this year 127,000 units Units sold this year 127,000 units Variable selling and administrative expenses $ 23 per unit Fixed selling and administrative expenses $ 4,655,000 per year Direct materials $ 51 per unit Direct labor $ 73 per unit Variable overhead $ 39 per unit Fixed overhead $ 8,890,000 per year Exercise 6-11 (Algo) Part 1 1. Prepare the current-year income statement using variable costing. Answer is not complete. OAK MART Income Statement (Variable Costing) Sales Less: Variable expenses $ Variable cost of goods sold 20,701,000 Variable selling and administrative expenses 2,921,000 $ 47,625,000 23,622.000 24,003,000 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses $8,890,000 4.655,000 13,545,000 Income Required information Exercise 6-11 (Algo) Absorption costing and variable costing income statements 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 first year of business. Sales price per unit $ 375 per unit Units produced this year 127,000 units Units sold this year 127,000 units Variable selling and administrative expenses $ 23 per unit Fixed selling and administrative expenses $ 4,655,000 per year Direct materials $ 51 per unit Direct labor $ 73 per unit Variable overhead $ 39 per unit Fixed overhead $ 8,890,000 per year Exercise 6-11 (Algo) Part 2 2. Prepare the current-year income statement using absorption costing OAK MART Income Statement (Absorption Costing) Income