Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced  rackets and sold  Each racket was sold at a price of $ Fixed overhead costs are $ per year, and fixed selling and administrative costs are $ 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

QS Algo Absorption costing income statement LO P

Prepare an income statement under absorption costing.