Aces Inc. a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4 900 Each! racket was sold at a price of $90. Fixed overhead costs are $78,000, and fixed selling and administrative costs are $65.200 The company also reports the following per unit variable costs for the year Variable product costs Variable selling and administrative expenses $25.00 $ 2.80 Prepare an income statement under variable costing. Answer is not complete. ACES INC. Variable Costing Income Statement S441.000 Sales Less: Variable costs Variable overhead costs * 150.000 27.500 263,501 $ 78,000 652.000 730,000 Total fixed expenses Net income (los) Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement -- . Selling general and administrative expenses Net income (loss)