Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,250 rackets and sold 5,530. Each racket was sold at a price of $90. Fixed overhead costs are $94,250 per year, and fixed selling and administrative costs are $67,800 per year. The company also reports the following per unit variable costs for the year. $ 12 8 Direct materials Direct labor Variable overhead Variable selling and administrative expenses 2 Prepare an income statement under absorption costing ACES INCORPORATED Income Statement (Absorption Costing)