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Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. Each racket was sold at a price of $90. Fixed overhead costs are $78,000 and fixed selling and administrative costs are $65,200. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $ 25.00 $ 2.00 Required: Prepare an income statement under absorption costing. Answer is not complete. ACES INC Absorption Costing Income Statement Sales $ 441,000 Less: Cost of goods sold Variable production costs Fixed overhead costs 150,000 78,000 41,800 269,800 Cost of goods sold Gross margin Selling general and administrative expenses Variable selling and administrative expenses Fixed selling and administrative costs Net income (loss)