Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,850 rackets and sold 5,830. Each racket was sold at a price of $90. Fixed overhead costs are $102,050 per year, and fixed selling and administrative costs are $69,000 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 12 2852 Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) Sales