heducation.com%252Fmgmiddleware2 Seved QS 18-20B Absorption costing income statement LO P5 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 $87750, and fixed selling and administrative costs are $65,700. The company also reports the following per unit costs for the year. Variable production costs Variable selling and administrative expenses $25.50 $ 2.50 Required: Prepare an income statement under absorption costing. $ 513,000 ACES INC Absorption Costing Income Statement Sales Less: Cost of goods sold 137,700 Variable production costs Fixed overhead costs Cost of goods sold 137.700 Selling general and administrative expenses 65.700 Fixed selling and administrative costs Variable selling and administrative expenses Total selling general and administrative expenses Nat income (los) 65.700