Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,900 rackets and sold 4,800. Each racket was sold at a price of $89. Fixed overhead costs are $76,110 and fixed selling and administrative costs are $65,100. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $24.90 $ 1.90 Prepare an income statement under absorption costing. $ 427,200 ACES INC. Absorption Costing Income Statement Sales Less: Cost of goods sold Variable overhead costs Variable production costs Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses Net income (loss)