Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,000 rackets and sold 5,900. Each racket was sold at a price of $100. Fixed overhead costs are $98,000 for the year, and xed selling and administrative costs are $66,200 for the year. The company also reports the following per unit variable costs for the year. Direct materials $ 12.30 Direct labor 8.30 Variable overhead 5.40 Variable selling and administrative expenses 3.00 Required: Prepare an income statement under variable costing. Income (loss) _ Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,000 rackets and sold 5,900. Each racket was sold at a price of $100. Fixed overhead costs are $98,000 for the year, and xed selling and administrative costs are $66,200 for the year. The company also reports the following per unit variable costs for the year. Direct materials $ 12.30 Direct labor 8.30 Variable overhead 5.40 Variable selling and administrative expenses 3.00 Required: Prepare an income statement under variable costing. Contribution margin Gross margin Net income Net loss Sales Income (loss) _ Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,000 rackets and sold 5,900. Each racket was sold at a price of $100. Fixed overhead costs are $98,000 for the year, and xed selling and administrative costs are $66,200 for the year. The company also reports the following per unit variable costs for the year. Direct materials $ 12.30 Direct labor 8.30 Variable overhead 5.40 Variable selling and administrative expenses 3.00 Required: Prepare an income statement under variable costing. Net income Net loss Sales Income (loss) _