Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,600 rackets and sold 5,500. Each racket was sold at a price of $96. Flxed overhead costs are $89,760 for the year, and fixed selling and administrative cost are $65,800 for the year. The company also reports the following per unit varlable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 12.18 8.18 5.24 2.60 Required: Prepare an Income statement under varlable costing. ACES INCORPORATED Variable Costing Income Statement Sales S 528,000 Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Foxed expenses Foxed overhead Fixed selling and administrative costs Income (loss)