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Exercise 6-7 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. Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units x $135) Fixed (3,500 units X $70) 300 per unit 115,000 units 118,500 units 3,500 units $ 472,500 245.000 $ 717,500 LAGA 46 per unit 66 per unit Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and adminstrative costs this year Variable Fixed $3,400,000 $ 7,400,000 $1,400,000 4,000,000 Prepare the current year income statement for the company using variable costing OAK MART COMPANY Variable Costing Income Statement Beginning inventory Manufacturing costs this year Net income (loss)