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Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,400 rackets and sold 4,300. Each racket was sold at a price of $84. Fixed overhead costs are $66,960 and fixed selling and administrative costs are $64,600. The company also reports the following per unit costs for the year: Variable product costs Variable selling and administrative expenses $24.40 $ 1.40 Prepare an income statement under variable costing. Prepare an income statement under variable costing. Answer is complete but not entirely correct. $ 361,200 ACES INC. Variable Costing Income Statement Sales Less: Cost of goods sold Variable product costs Variable overhead costs 7,560 139,320 % 146,880 214,320 Cost of goods sold Gross margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs $ 66,960 64,600 Total fixed expenses Net income (loss) 131,560 82,760 $