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 variable costs for the year: Variable product costs Variable selling and administrative expenses Prepare an income statement under absorption costing $24.60 $ 1.60 ACES INC. Absorption Costing Income Statement Sales Less: Cost of goods sold Variable production costs Fixed overhead costs $ 387,000 (110,700) 7.200 (103,500) Previ 6 of 24 Next >