QS 19-4 Absorption costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,800 rackets and sold 5,700. Each racket was sold at a price of $98. Fixed overhead costs are $93,840 and fixed selling and administrative costs are $66,000. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $25.80 $ 2.80 Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Selling general and administrative expenses Net income (loss)