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 6,050 rackets and sold 4,930. Each racket was sold at a price of $90. Fixed overhead costs are $78,650 per year, and fixed selling and administrative costs are $65,400 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses 8 5 2 Prepare an Income statement under varlable costing. ACES INCORPORATED Income Statement (Variable Costing)