Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,500 rackets and sold 4,400. Each racket was sold at a price of $85. Fixed overhead costs are $68,750, and fixed selling and administrative costs are $64.700. The company also reports the following per unit variable costs for the year. Variable product costs Variable selling and administrative expenses $ 24.50 $ 1.50 Prepare an income statement under variable costing ACES INC. Variable Costing Income Statement Net Income (los)