Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,900 rackets and sold 5,800. Each racket was sold at a price of $99. Fixed overhead costs are $95,910 for the year, and fixed selling and administrative costs are $66,100 for the year. The company also reports the following per unit variable costs for the year.

Direct materials	$ 12.27
Direct labor	8.27
Variable overhead	5.36
Variable selling and administrative expenses	2.90

Required: Prepare an income statement under variable costing.