14 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6 100 rackets and sold 5,000. Each racket was sold at a price of $91 Fixed overhead costs are $79.910, and fixed selling and administrative costs are $65,300. The company also reports the following per unit costs for the year 0.53 onts $25.10 Variable production costs Variable selling and administrative expenses $ 2.1 5 Required: Prepare an income statement under absorption costing ACES INC. Absorption Costing Income Statement 55 000 Sales Less Cost of goods sold Variable production costs 153 110 Variable selling and administrative expenses 153 110 79.910 Cost of goods sold Contribution margin Selling general and administrative expenses Fixed overhead costs 79.9101