QS 5-20B Absorption costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,700 rackets and sold 4,600. Each racket was sold at a price of $87. Fixed overhead costs are $72,390, and fixed selling and administrative costs are $64,900. The company also reports the following per unit costs for the year. Variable production costs Variable selling and administrative expenses $24.70 $ 1.78 Requlrec Prepare an Income statement under absorption costing ACES INC Absorption Costing Income Statement ales S 400,200 Less: Cost of goods sold Cost of goods sold ross margin 228.160 Sel nistrative lling general and admini Variable selling and administrative expenses Fixed selling and administrative costs expenses 7.820 84.900 Total selling general and administrative expenses Net income (loss) 72,720 155.440