Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7150 rackets and sold 5,480. Each racket was sold at a price of $90 Fixed overhead costs are $92,950 per year, and fixed selling and administrative costs are $67600 per year. The company also reports the following per unit variable costs for the year Direct materiais $ 12 Direct labor Variable overhead Variable selling and administrative expenses Prepare an income statement under absorption costing ACES INCORPORATED Income Statement Absorption Costing) Sales Cost of goods sold Gross prole Selling and administrative expenses Pincome 0 5