Prepare the current-year income statement for the company using absorption costing.

Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 320 per unit 115,000 units 118,750 units 3,750 units $ 487,500 281,250 $ 768,750 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,750 units * $130) Fixed (3,750 units X $75) 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 ta ta 44 per unit 66 per unit $3,400,000 $7,400,000 $1,450,000 4,600,000 OAK MART COMPANY Absorption Costing Income Statement $ 38,000,000 $ 768,750 Sales Less: Cost of goods sold Beginning inventory Manufacturing costs this year Direct labor Direct materials Fixed overhead costs 768,750 Net income (loss) Fixed costs added to(subtracted from) inventory