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Required information [The following information applies to the questions displayed below) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,650 rackets and sold 5,230. Each racket was sold at a price of $90. Fixed overhead costs are $86,450 per year, and fixed selling and administrative costs are $66.600 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor 8 Variable overhead 5 Variable selling and administrative expenses 2 Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. Finished goods inventory under variable costing $ 0 Product cost per unit Finished goods inventory reported on balance sheet Required information (The following information applies to the questions displayed below) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,650 rackets and sold 5,230. Each racket was sold at a price of $90. Fixed overhead costs are $86,450 per year, and fixed selling and administrative costs are $66,600 per year. The company also reports the following per unit variable costs for the year Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses 8 NOON 2 Prepare an income statement under absorption costing ACES INCORPORATED Income Statement (Absorption Costing) $ 0 Required information The following information applies to the questions displayed below) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,650 rackets and sold 5,230. Each racket was sold at a price of $90. Fixed overhead costs are $86,450 per year, and fixed selling and administrative costs are $66,600 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses 2 8 5 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing Finished goods inventory under absorption costing $ 0 Product cost per unit Finished goods inventory reported on balance sheet