1 Use the following information for the Quick Study below. (Algo) The following information applies to the questions displayed below) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7050 rackets and sold 5,430. Each racket was sold at a price of $90 Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 per year. The company also reports the following per unit variable costs for the year, Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 12 QS 19-4 (Algo) Variable costing income statement LO P2 Prepare an income statement under variable costing ACES INCORPORATED Income Statement Variable Costina) Sales Less: Variable expenses Variable selling and administrativo capenses Variable selling and administrative expenses Variable cost of goods sold Contribution margin Loss: Food expenses Fixed overhead Food selling and administrative expenses Fixed vorhead income Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7050 rackets and sold 5,430. Each racket was sold at a price of $90. Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 12 8 5 2 QS 19.5 (Algo) Reporting inventory using variable costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing Finished goods inventory under variable costing Product cost per unit $ 0 Finished goods inventory reported on balance shoot Use the following information for the Quick Study below. (Algo) [The following information applles to the questions displayed below.) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,050 rackets and sold 5,430. Each racket was sold at a price of $90. Fixed overhead costs are $91.650 per year, and fixed selling and administrative costs are $67,400 per year. The company also reports the following per unit variable costs for the year Direct materials Variable overhead Variable selling and administrative expenses $ 12 Direct labor QS 19-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing ce ACES INCORPORATED Income Statement (Absorption Costing) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,050 rackets and sold 5,430. Each racket was sold at a price of $90. Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 per year. The company also reports the following per unit variable costs for the year Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses QS 19-7 (Algo) Reporting inventory using absorption costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing Finished goods inventory under absorption costing Product cost per unit Finished goods inventory reported on balance shoot