17 QS 21-26B (Algo) Absorption costing income statement LO P4 5.88 points Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets and sold 4,500. Each racket was sold at a price of $86. Fixed overhead costs are $70,560 for the year, and fixed selling and administrative costs are $64,800 for the year. The company also reports the following per unit variable costs for the year: 8 03:13:00 Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 11.88 7.88 4.84 1.60 eBook Required: Prepare an income statement under absorption costing. OP Hint ACES INCORPORATED Income Statement (Absorption Costing) Print $ 0 References $ 0