QS 18-20B Absorption costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets and sold 4,500. Each racket was sold at a price of $86. Fixed overhead costs are $70,560, and fixed selling and administrative costs are $64.800. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $24.60 $ 1.60 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)