Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $6,400$ rackets and sold $5,300.$ Each racket was sold at a price of $$94.$ Fixed overhead costs are $$85,760$ for the year, and fixed selling and administrative costs are $$65,600$ for the year. The company also reports the following per unit variable costs for the year:

Direct materials $ $12\mathrm{.}12$

Direct labor $8\mathrm{.}12$

Variable overhead $5\mathrm{.}16$

Variable selling and administrative expenses $2\mathrm{.}40$

Required:

Prepare an income statement under absorption costing