Aces Incorporated, a manufacturer of tennis rackets began operations this year. The company produced 5,800 rackets and sold 4700. Each racket was sold at a price of $88. Fixed overhead costs are $74.240 for the year , and fixed selling and administrative costs are $65,000 for the 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 Required: Prepare an income statement under variable costing, $11.94 2.94 4.92 1.80 ACES INCORPORATED Variable Costing Income Statement Sales Narable expenses Variable cost of goods sold Vanable seling and administrative expenses $ 413,000 Contribution margin Food Expo Fixed Overhead Forced selling and adunstrative costs 574240 65,000 130 240 Income doss)