QS 19-4 Absorption costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,900 rackets and sold 5,800. Each racket was sold at a price of $99. Fixed overhead costs are $95,910 and fixed selling and administrative costs are $66,100. The company also reports the following per unit variable costs for the year: variable produng and admnitrative expenses $25.90 $ 2.90 Variable selling and administrative expenses Prepare an income statement under absorption costing. ACES INC Absorption Costing Income Statement Sales Less: Cost of goods sold Selling general and administrative expenses Net income (loss)