Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,600 rackets and sold 5,500. Each racket was sold at a price of $96. Fixed overhead costs are $89,760 for the year, and fixed selling and administrative costs are $65,800 for the year. The company also reports the following per unit variable costs for the year: Direct materials $ 12.18 Direct labor 8.18 Variable overhead 5.24 Variable selling and administrative expenses 2.60 Required: Prepare an income statement under absorption costing.