Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,250 rackets and sold 5,530. Each racket was sold at a price of $90. Fixed overhead costs are $94,250 per year, and fixed selling and administrative costs are $67,800 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 variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses Variable cost of goods sold Contribution margin Less: Fixed expenses Fixed overhead 497,700 $ 138,250 11,060 149,310 348,390 $ 94,250 Fixed selling and administrative expenses Variable cost of goods sold 67,800 Income 162,050 $ 186,340 Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. Finished goods inventory under variable costing Product cost per unit Finished goods inventory reported on balance sheet $ 0