Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,100 rackets and sold 5,000. Each racket was sold at a price of $91. Fixed overhead costs are $79,910, and fixed selling and administrative costs are $65,300. The company also reports the following per unit costs for the year. Variable production costs $25.10 Variable selling and administrative expenses $ 2.10 Required: Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Cost of goods sold Selling general and administrative expenses Net income (loss)