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

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Accounting

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 110,000 units
Units sold this year 110,000 units
Variable selling and administrative expenses $ 11 per unit
Fixed selling and administrative expenses $ 4,000,000 per year
Direct materials $ 46 per unit
Direct labor $ 68 per unit
Variable overhead $ 32 per unit
Fixed overhead $ 7,400,000 per year

2. Prepare the current-year income statement using absorption costing.

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