Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,600 rackets and sold 5,500. Each racket was sold at a price of $96. Fixed overhead costs are $89,760, and fixed selling and administrative costs are $65,800. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $25.60 Required: Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Cost of goods sold Selling general and administrative expenses