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: Variable product costs Variable selling and administrative expenses $24.00 $ 1.00 Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Sales Less: Cost of goods sold Variable production costs 93,600 312,000 S 93,600 Selling general and administrative expenses Net income (loss)