QS 21-258 (Algo) Variable costing income statement LO P4 Aces incoiporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,500 rackets and sold 4,400. Each racket was sold at a price of $85. Fixed overhead costs are $68,750 for the year, and fixed selling and administrative costs. are $64.700 for the veat. The company also reports the following per unit variable costs for the year Required: Prepare an income statement under variable costing