[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 variable costing.

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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. Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 320 per unit 117,000 units 117,000 units $ 12 per unit $ 4,600,000 per year $ 40 per unit $ 62 per unit $ 28 per unit $ 7,020,000 per year 1. Prepare the current year income statement using variable costing. Answer is not complete. OAK MART Sales Less: Variable expenses Income Statement (Variable Costing) Variable cost of goods sold Variable selling and administrative expenses Total variable costs available Contribution margin Plus: Fixed expenses Fixed overhead Variable selling and administrative expenses Total variable costs available Income 0 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. Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 320 per unit 117,000 units 117,000 units $ 12 per unit $ 4,600,000 per year $ 40 per unit $ 62 per unit $ 28 per unit $ 7,020,000 per year 1. Prepare the current year income statement using variable costing. Answer is not complete. OAK MART Sales Less: Variable expenses Income Statement (Variable Costing) Variable cost of goods sold Variable selling and administrative expenses Total variable costs available Contribution margin Plus: Fixed expenses Fixed overhead Variable selling and administrative expenses Total variable costs available Income 0