Chapter 6 Homework i Saved 3 Part 1 of 4 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate [The following information applies to the questions displayed below.) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,050 rackets and sold 5,430. Each racket was sold at a price of $90. Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 per year. The company also reports the following per unit variable costs for the year. 1 points Direct materials Direct labor Variable overhead Variable selling and administrative expenses Prepare an income statement under variable costing. Answer is not complete. Sales ACES INCORPORATED Income Statement (Variable Costing) Less: Variable expenses Variable selling and administrative expenses Variable cost of goods sold Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses Income Me 0000 $ 10,860 488,700 0000 10,860 342,090 OS 91,650 O 67,400 O 159.050 0 183.040 $ 12