Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,500 rackets and sold 5,400. Each racket was sold at a price of $95. Fixed overhead costs are $87750, and fixed selling and administrative costs are $65,700. The company also reports the following per unit costs for the year: Variable selling and administrative expenses2.5e Required: Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement les S 513,000 Less: Cost of goods sold Variable production costs 137.700 Foxed overhead costs 16,250 Cost of goods sold 153.950 Selling general and administrative expenses Net income (loss)