QS 5-20B Absorption costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,500 rackets and sold 5,400. Each racket was sold at a price of $95. Fixed overhead costs are $87,750, and fixed selling and administrative costs are $65,700. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $25.se $2.50 Required: Prepare an income statement under absorption costing. ACES INC Absorption Costing Income Statement Cost of goods sold Selling general and administrative expenses Net income (los)