Aces, Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. At year end, the company reported the following income statement using absorption costing Sales (4,900 $90) Cost of goods sold (4,900 * $38) Gross margin Selling and administrative expenses Tot income $441,000 186,200 $254,800 175,000 $179,800