! Required information Exercise 19-7 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 (3,000 units x $135) Fixed (3,000 units x $80) Total Manufacturing costs this year Direct materials Direct labor $ 320 per unit 115,000 units 118,000 units 3,000 units $ 405,000 240,000 $ 645,000 Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Fixed $ 40 per unit $ 62 per unit $3,220,000 $7,400,000 $1,416,000 4,600,000