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	$	25.00
Variable selling and administrative expenses	$	2.00

Prepare an income statement under absorption costing.

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 $ 2.00 Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Selling general and administrative expenses Net income (loss)