Check my work Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,600 rackets and sold 5,500. Each racket was sold at a price of $96Fixed overhead costs are $89,760, and fixed selling and administrative costs are $65,800, The company also reports the following per unit costs for the year: Variable production cost Variable selling and administrative expensess 2.60 $25.60 Required: Prepare an income statement under absorption costing. Absorption Costing Income Statement Sales Less: Cost of goods sold $ 528,000 Variable production costs Fixed overhead costs 140,800 Cost of goods sold Gross margin 140,800