QS 19-4 Absorption costing Income statement LO P2 Inc, a manufacturer of tennis rackets, began operations this year. The company produced 5,400 rackets and sold 4,300 Each racket was sold at a price of $84. Fixed overhead costs are $66,960 and fixed selling and administrative costs are $64,600. The company also reports the following per unit variable costs for the year Variable product costs Variable selling and administrative expenses $24.40 s 1.40 Prepare an income statement under absorption costing ACES INC Costing Income Statement ACES INC. Absorption Costing Income Statement Selling general and administrative expenses Net income (loss)