Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,050 rackets and sold 4,930. Each racket was sold at a price of $90. Fixed overhead costs are $78,650 per year, and fixed selling and administrative costs are $65,400 per year. The company also reports the following per unit variable costs for the year. Direct materials 5 12 Direct labor 8 Variable overhead 5 Variable selling and administrative expenses 2 05 6-4 (Algo) Variable costing income statement L0 P2 Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sales Less: Cost of goods sold[The following information applies to the questions displayed below.] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,050 rackets and sold 4,930. Each racket was sold at a price of $90. Fixed overhead costs are $78,650 per year, and fixed selling and administrative costs are $65,400 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor UI DO Variable overhead Variable selling and administrative expenses QS 6-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing.ACES INCORPORATED Income Statement (Absorption Costing) O