Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,450 rackets and sold 5,130. Each racket was sold at a price of $90. Fixed overhead costs are $83,850 per year, and fixed selling and administrative costs are $66,200 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor Variable overhead 5 Variable selling and administrative expenses 8 2 Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement(Absorption Costing) es 0 0 Required information [The following information applies to the questions displayed below.) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,450 rackets and sold 5,130. Each racket was sold at a price of $90. Fixed overhead costs are $83,850 per year, and fixed selling and administrative costs are $66,200 per year . The company also reports the following per unit variable costs for the year. Direct materiais $ 12 Direct labor Variable overhead variable selling and administrative expenses 8 5 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing. Finished goods inventory under absorption costing Product cost per unit $ 0 Finished goods inventory reported on balance sheet