Required information [The following information applies to the questions displayed below.] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,350 rackets and sold 5,580. Each racket was sold at a price of $90. Fixed overhead costs are $95,550 per year, and fixed selling and administrative costs are $68,000 per year. The company also reports the following per unit variable costs for the year. Prepare an income statement under variable costing. ACES INCORPORATED \begin{tabular}{|l|l|l|} \multicolumn{1}{l|}{ Income Statement (Variable Costing) } & \\ \hline Contribution margin \\ Gross profit \\ Income & & \\ \hline Loss & & \\ \hline Sales & & \\ \hline & & \\ \hline \end{tabular}