Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,500 rackets and sold 5,400. Each racket was sold at a price of $95. Fixed overhead costs are $87.750 and fixed selling and administrative costs are $65,700. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $25.50 $ 2.50 Prepare an income statement under absorption costing ACES INC. Absorption Costing Income Statement Sales Loss: Cost of goods sold Fixed overhead costs Variable production costs Selling general and administrative expenses Net income (loss)