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 x $90) Cost of goods sold (4,900 $38) Gross margin Selling and administrative expenses Net income $441,600 186,200 $254,800 75,000 $179,800 Production costs per tennis racket total $38, which consists of $25 in variable production costs and $13 in fixed production costs based on the 6,000 units produced). Ten percent of total selling and administrative expenses are variable Compute net income under variable Costing