Answer Happy

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 $ 320 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 1. Prepare the current year income statement using variable costing. Income OAK MART Income Statement (Variable Costing) Sales Less: Variable expenses Beginning inventory Variable cost of goods sold 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 0
2. Prepare the current year income statement using absorption costing. Income OAK MART Income Statement (Absorption Costing)