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17 Required information [The following information applies to the questions displayed below.] Part 2 of 4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,950 rackets and sold 5,380. Each racket was sold at a price of $90. Fixed overhead costs are $90,350 per year, and fixed selling and administrative costs are $67,200 per year. The o per unit variable costs for the year. company also reports the following per unit varia 8 02:05:32 Direct labor Variable selling and administrative expenses 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 Finished goods inventory reported on balance sheet 12 Required information The following information applies to the questions displayed below.] Part 3 of 4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company costs are $90,350 per year, and fixed selling and administrative costs are $67,200 per year. The company also reports the following per unit variable costs for the year. 8 02:05:19 Direct material Direct Labor Variable selling Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) 13 Required information [The following information applies to the questions displayed below.] Part 4 of 4 produced 6.950 rackets and sold 5.380. Each racket was sold at a price of $90. Fixed overhead costs are $90,350 per year, and fixed selling and administrative costs are $67,200 per year. The company also reports the following per unit variable costs for the year. 8 02:05:16 Direct materials Variable overhead NUT DO Variable selling and administrative expenses 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 sheet 14 below , compute the cost of finished goods inventory reported on the balance sheet under ( a) absorption costing and (b) variable costing. (Leave no cells blank - be certain to enter "0" wherever required.) Direct material $ 20 per unit 8 02:05:13 Direct Labor $ 13 per unit Fixed overhead $ 11 p (a) Absorption (b) Variable Direct materials Direct labor Variable overhead Fixed overhead Product cost per unit Finished goods inventory on balance sheet