Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,300 rackets and sold 4,200. Each racket was sold at a price of $83. Fixed overhead costs are $65,190 for the year, and fixed selling and administrative costs are $64,500 for the year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses Required: Prepare an income statement under variable costing. ACES INCORPORATED Variable Costing Income Statement $ 11.79 7.79 4.72 1.30 Income (loss) +