Aces Inc., a manufacturer of tennis rackets, began operations thls year. The company produced 5,700 rackets and sold 4,600. Each racket was sold at a price of $87. Fixed overhead costs are $72,390, and fixed selling and administrative costs are $64,900. The company also reports the following per unit costs for the year Variable production costs Variable selling and administrative expenses $24.7e 1.70 Required: Prepare an Income statement under absorption costing. ACES INGC Absorption Costing Income Statement Cost of goods sold Selling general and administrative expenses Net income (loss)