Chapter 18-Homework 6 Help Save & Exit Submit Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. Each racket was sold at a price of $90. Fixed overhead costs are $78,000 for the year, and fixed selling and administrative costs are $65,200 for the year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor 2 point Variable overhead Variable selling and administrative expenses Required: Prepare an income statement under variable costing efences ACES INCORPORATED Variable Costing Income Statement $12 Sales $ 441,000 Variable expenses Variable overhead costs $24,500 Variable selling and administrative expenses 9,000 Contribution margin Tued expenses Fixed overhead costs 34,300 284,200 $ 70.000