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Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales...

Oak Mart, a producer of solid oak tables, reports the following data from its second year of business.

Sales price per unit $ 330 per unit
Units produced this year 115,000 units
Units sold this year 119,000 units
Units in beginning-year inventory 4,000 units
Beginning inventory costs
Variable (4,000 units × $135) $ 540,000
Fixed (4,000 units × $70) 280,000
Total $ 820,000
Manufacturing costs this year
Direct materials $ 42 per unit
Direct labor $ 66 per unit
Overhead costs this year
Variable overhead $ 3,200,000
Fixed overhead $ 7,400,000
Selling and administrative costs this year
Variable $ 1,450,000
Fixed 4,200,000

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

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