Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,650 rackets and sold 5,230. Each racket was sold at a price of $90. Fixed overhead costs are $86,450 per year, and fixed selling and administrative costs are $66,600 peryear. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses Prepare an income statement under variable costing. 0 Answer is not complete. Sales Less: Cost of goods sold Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. Product cost per unit _ Finished goods inventory reported on balance sheet Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing)Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing. Finished goods inventory reported on balance sheet