Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,300 rackets and sold 5,200. Each racket was sold at a price of $93. Fixed overhead costs are $83,790, and fixed selling and administrative costs are $65,500. The company also reports the following per unit variable costs for the year: 5 ts Variable product costs Variable selling and administrative expenses $25.30 $ 2.30 eBook Hint Prepare an income statement under absorption costing. Print eferences $ 483,600 ACES INC Absorption Costing Income Statement Sales Less: Cost of goods sold Fixed overhead costs $ 159,390 Variable production costs 83.790 243,180 Cost of goods sold Gross margin Selling general and administrative expenses Fixed selling and administrative costs Variable selling and administrative expenses 11,960 65,500 77,460 Total fixed expenses Net income (loss)