Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $5,200$

rackets and sold $4,100.$ Each racket was sold at a price of $$82.$ Fixed overhead costs are $$63,440$ for the year,

and fixed selling and administrative costs are $$64,400$ for the year. The company also reports the following per

unit variable costs for the year:

Required:

Prepare an income statement under absorption costing.Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $5,200$ rackets and sold $4,100.$ Each racket was sold at a price of $$82.$ Fixed overhead costs are $$63,440$ for the year, and fixed selling and administrative costs are $$64,400$ for the year. The company also reports the following per unit variable costs for the year: Direct materials $ $11\mathrm{.}76$ Direct labor $7\mathrm{.}76$ Variable overhead $4\mathrm{.}68$ Variable selling and administrative expenses $1\mathrm{.}20$ Required: Prepare an income statement under absorption costing. absorption