Question

[The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak...

[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 $ 310 per unit
Units produced this year 100,000 units
Units sold this year 103,250 units
Units in beginning-year inventory 3,250 units
Beginning inventory costs
Variable (3,250 units × $130) $ 422,500
Fixed (3,250 units × $75) 243,750
Total $ 666,250
Manufacturing costs this year
Direct materials $ 48 per unit
Direct labor $ 66 per unit
Overhead costs this year
Variable overhead $ 3,200,000
Fixed overhead $ 7,200,000
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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