Required information

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[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

$ 320

per unit

Units produced this year

117,000

units

Units sold this year

117,000

units

Variable selling and administrative expenses

$ 12

per unit

Fixed selling and administrative expenses

$ 4,600,000

per year

Direct materials

$ 40

per unit

Direct labor

$ 62

per unit

Variable overhead

$ 28

per unit

Fixed overhead

$ 7,020,000

per year

1. Prepare the current year income statement using va

riable costing.

Required information [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. 2. Prepare the current year income statement using absorption costing