QS 18-20B Absorption costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,700 rackets and sold 5,60o. Each racket was sold at a price of $97. Fixed overhead costs are $91,790, and fixed selling and administrative costs are $65,900. The company also reports the following per unit costs for the year: $25.70 Variable production costs Variable selling and administrative 2.70 expenses Required: Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Cost of goods sold Selling general and administrative expenses Net income (loss)