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 $87,750, and fixed selling and administrative costs are $65,700. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $25.50 $ 2.50 Prepare an income statement under absorption costing. X Answer is complete but not entirely correct. ACES INC. Absorption Costing Income Statement Sales $ 513,000 Less: Cost of goods sold Variable production costs 137,700 Fixed overhead costs 87,750 X Cost of goods sold Contribution margin Selling general and administrative expenses 225,450 287,550 Prepare an income statement under absorption costing. Answer is complete but not entirely correct. ACES INC. Absorption Costing Income Statement Sales $ 513,000 Less: Cost of goods sold Variable production costs 137,700 87,750 X Fixed overhead costs 225,450 287,550 Cost of goods sold Contribution margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs 13,500 65,700 Total fixed expenses 79,200 $ 208,350 Net income (loss)