QS 18-25B (Algo) Variable costing income statement LO P4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,300 rackets and sold 4,200. Each racket was sold at a price of $83. Fixed overhead costs are $65,190 for the year, and fixed selling and administrative costs are $64,500 for the year. The company also reports the following per unit variable costs for the year. Direct materials $ 11.79 Direct labor 7.79 Variable overhead 4.72 Variable selling and administrative expenses 1.30 Required: Prepare an income statement under variable costing. ACES INCORPORATED Variable Costing Income Statement Income (loss)