24 Skipped Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,100 rackets and sold 4,000. Each racket was sold at a price of $81. Fixed overhead costs are $61,710 for the year, and fixed selling and administrative costs are $64,300 for the year. The company also reports the following per unit variable costs for the year: eBook Hint Direct materials Direct labor Variable overhead Variable selling and administrative expenses Required: Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) 0 0 $ 11.73 7.73 4.64 1.10