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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $6,350$ rackets

and sold $5,080.$ Each racket was sold at a price of $$90.$ Fixed overhead costs are $$82,550$ per year, and fixed selling and

administrative costs are $$66,000$ per year. The company also reports the following per unit variable costs for the year.

Prepare an income statement under variable costing.

ACES INCORPORATED

Income Statement $($Variable Costing$)$