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

$7$

$,$

$9$

$5$

$0$

$$rackets and sold

$5$

$,$

$8$

$8$

$0$

$.$

$$Each racket was sold at a price of $

$9$

$0$

$.$

$$Fixed overhead costs are $

$1$

$0$

$3$

$,$

$3$

$5$

$0$

$$per year, and fixed selling and administrative costs are $

$6$

$9$

$,$

$2$

$0$

$0$

$$per year. The company also reports the following per unit variable costs for the year. Direct materials $

$1$

$2$

$$Direct labor

$8$

$$Variable overhead

$5$

$$Variable selling and administrative expenses

$2$

$$Prepare an income statement under variable costing

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