Part 2 of 2 6 points 02:13:31 Required information Use the following information for the Quick Study below. (Algo) The following information applies to the questions displayed below) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,950 rackets and sold 5,380. Each racket was sold at a price of $90. Fixed overhead costs are $90,350 per year, and fixed selling and administrative costs are $67,200 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 12 QS 6-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing)