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10 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5.200 rackets and sold 4100 Each racket was sold at a pnce of 582 Fixed overhead costs are $63 440 for the year and fixed selling and administrative costs are $64.400 for the year. The company also reports the following per unit vanable costs for the year 112 DO Direct materials Oirect labor Variable overhead Variable selling and administrative expenses Required: Prepare an income statement under variable costing $11.74 7 4.68 1:20 BO Print ACES INCORPORATED Variable Costing Income Statement . Variable penes Variable cost of goods sold Variable selling and administrative expense When Incomess) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,400 rackets and sold 4,300, Each racket was sold at a price of $84. Fixed overhead costs are $66,960 for the year, and fixed selling and administrative costs are $64,600 for the year. The company also reports the following per unit variable costs for the year Direct materials $11.82 Direct labor 7.82 Variable overhead Variable selling and administrative expenses Required: Prepare an income statement under absorption costing. 4.76 1.40 ACES INCORPORATED Income Statement (Absorption Costina) Sales $361,200 Cost of goods sold (Gross profit $361,200 Selling and administrative expenses Income $361,200