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Oak Mart, a producer of solid oak tables, reports the following data from its first year of business.
Sales price per unit $ 350 per unit
Units produced this year 122,000 units
Units sold this year 122,000 units
Variable selling and administrative expenses $ 18 per unit
Fixed selling and administrative expenses $ 4,630,000 per year
Direct materials $ 46 per unit
Direct labor $ 68 per unit
Variable overhead $ 34 per unit
Fixed overhead $ 7,930,000 per year
1. Prepare the current-year income statement using variable costing.
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