Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets and sold 4,500. Each racket was sold at a price of $86. Fixed overhead costs are $70,560 and fixed selling and administrative costs are $64,800. The company also reports the following per unit costs for the year:

Variable production costs	$	24.60
Variable selling and administrative expenses	$	1.60

Required:

Prepare an income statement under absorption costing.