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Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ 320 per unit Units produced this year 105, 000 units Units sold this year 108,500 units Units in beginning-year inventory 3,500 units Beginning inventory costs Variable (3,500 units x $135) $ 472, 500 Fixed (3,500 units x $70) 245 , 000 Total $ 717,500 Manufacturing costs this year Direct materials 16 per unit Direct labor 64 per unit Overhead costs this year Variable overhead $3 , 400, 000 Fixed overhead $7, 200, 000 Selling and administrative costs this year Variable $1, 300, 000 Fixed 4, 200, 000 1. Prepare the current-year income statement for the company using variable costing. OAK MART COMPANY Variable Costing Income Statement Sales Less: Variable cost Beginning inventory: iable costs $ 472,500 Manufacturing costs this year Direct materials Direct labor ariable overhead costs Total variable costs available 472,500 Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses Total variable costs 0Direct labor Variable overhead costs Total variable costs available 472,500 Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses Total variable costs 0 Contribution margin Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs Net income (loss)