correct from your previous attempt. 8 QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,500 rackets and sold 5,400. Each racket was sold at a price of $95. Fixed overhead costs are $87,750 and fixed selling and administrative costs are $65,700. The company also reports the following per unit costs for the year: 2.92/7.69 points awarded Variable product costs Variable selling and administrative expenses 03:16:14 $ 25.50 $ 2.50 Scored Prepare an income statement under variable costing $ 513,000 ACES INC. Variable Costing Income Statement Sales Less: Cost of goods sold Fixed overhead posts $ 87,750 X Variable product costs 165,750 253,500 Total fixed costs x Net income x Less: Fixed expenses Variable selling and administrative X $ 13,500 X expenses Fixed selling and administrative costs 65,700 507.000 302.400 Total fixed expenses 79,200 Net Income (loss) $ 223,200 "Red text indicates no response was expected in a celor a formula-based calculation is incorrect; no points deducted incorrect from your previous attem Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 310 per unit 185,000 units 109,000 units 4,000 units $ 520,000 280,000 $ 800,000 Sales price per unit Units produced this year Units sold this year Beginning inventory costs Units in beginning-year inventory Variable (4,000 units * $130) Fixed (4,000 units x $70) Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Fixed > $ 40 per unit 62 per unit $3,200,000 $7,200,000 $1,450,000 4,488,888 Exercise 19-7 Part 2 2. Prepare the current year income statement for the company using absorption costing. $ 33,790,000 $ OAK MART COMPANY Absorption Costing Income Statement Sales Less: Variable costs Beginning inventory Manufacturing costs this year Direct labor Direct labor Variable overhead costs > 620,000 4,200,000 6,510,000 3,200,000 OOOOO 14.430,000 2 10 A w C Q 3 4 5 8 6 V E R . U G J V B N. M