Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,850 rackets and sold 5,830. Each racket was sold at a price of $90. Fixed overhead costs are $102,050 per year, and fixed selling and administrative costs are $69,000 per year. The company also reports the following per unit variable costs for the year. Prepare an income statement under variable costing. Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. Prepare an income statement under absorption costing. Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing