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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 $ 310 per unit Units produced this year 120,000 units Units sold this year 120,000 units Variable selling and administrative expenses $ 13 per unit Fixed selling and administrative expenses $ 4,400,000 per year Direct materials $ 44 per unit Direct labor $ 64 per unit Variable overhead $ 34 per unit Fixed overhead $ 7,600,000 per year Exercise 6-11 (Algo) Part 2 2. Prepare the current-year income statement using absorption costing. OAK MART Income Statement (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses Income