Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,700 rackets and sold 5,600. Each racket was sold at a price of $97. Fixed overhead costs are $91,790, and fixed selling and administrative costs are $65,900. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $25.70 Required: Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Sales Less: Cost of goods sold $ 543,200 Fixed overhead costs Variable production costs Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses Net income (loss)