Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,000 rackets and sold 3,900. Each racket was sold at a price of $80. Flxed overhead costs are $60,000 for the year, and fixed sellng and administrative costs are $64,200 for the year. The company also reports the following per unit variable costs for the year. $ 11.7 7.70 Direct materials Direct labor variable overhead Variable selling and administrative expenses 4.60 1.00 Requlred: Prepare an Income statement under absorption costing. ACES INCORPORATED Income Staternent (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses Income