Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,800 rackets and sold 4,700. Each racket was sold at a price of $88. Fixed overhead costs are $74,240, and fixed selling and administrative costs are $65,000. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $24.80 $ 1.80 Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Selling general and administrative expenses Net income (loss)