4 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,800 rackets and sold 4.700. Each racket was sold at a price of $88. Fixed overhead costs are $74,240, and fixed selling and administrative costs are $65,000. The company also reports the following per unit variable costs for the year 5 points Variable product costs Variable selling and administrative expenses $24.80 $ 1.80 eBook Prepare an income statement under absorption costing. Hint $ 413.600 ACES INC Absorption Costing Income Statement Sales Less: Cost of goods sold Variable production costs $ 116,560 Fixed overhead costs Print References 116 560 Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs 8.460 65.000 73.460 Total fixed expenses Net Income (loss)