Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $7,550$ rackets and sold $5,680.$ Each racket was sold at a price of $$90.$ Fixed overhead costs are $$98,150$ per year, and fixed selling and administrative costs are $$68,400$ per year. The company also reports the following per unit variable costs for the year.

Direct materials

Direct labor

$$12$

Variable overhead

Variable selling and administrative expenses

Prepare an income statement under absorption costing.

$\backslash$table$[[$ACES INCORPORATED$],[$Income Statement $($Absorption Costing$),],[,],[,],[,],[,$$