Aces Inc, a manufacturer of tennis rackets, began operations this year. The company produced 5,000 rackets and sold 3,900. Each racket was sold at a price of $80. Fixed overhead costs are $60,000, and fixed selling and administrative costs are $64,200. The company also reports the following per unit variable costs for the year. $24.00 $ 1.00 Variable product costs Variable selling and administrative expenses Prepare an income statement under absorption costing ACES INC Absorption Costing Income Statement $ 312,000 Sales $ Variable production costs 93.600 93,600 Selling general and administrative expenses Fixed selling and administrative costs 64200 64 200 Totalfoed expenses Net income (los) Ramont Company reports the following cost data for its single product. The company regularly sells 24,000 units of its product at a price of $68.00 per unit. 5 $ 10.88 per unit 12.80 per unit $ 3.30 per unit $78,400.00 Direct baterials Direct labor Overhead costs for the year Variable overhead Fixed overhead per year Selling and adninistrative costs for the year Variable Fixed Normal production level (in units) $ 5 2.80 per unit 66,000 24,000 units Compute gross margin under absorption costing (Round unit cost amounts to 2 decimal places.) Production volume 24,000 units Cost of goods sold: Cost of goods sold per unit Number of units sold Total cost of goods sold RAMORT COMPANY Income Statement partial Sales volume 24,000 units