QS 5-19B Variable costing income statement LO P5 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 $65,000. The company also reports the following per unit costs for the year Variable production costs Variable selling and administrative expenses Required: Prepare an income statement under variable costing, ACES INC. Variable Costing Income Statement Net income (loss)