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 7,250 rackets and sold 5,530. Each racket was sold at a price of $90. Fixed overhead costs are $94,250 per year, and fixed selling and administrative costs are $67,800 per year. The company also reports the following per unit variable costs for the year. Prepare an income statement under absorption costing. 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 7,250 rackets and sold 5,530 . Each racket was sold at a price of $90. Fixed overhead costs are $94,250 per year, and fixed selling and administrative costs are $67,800 per year. The company also reports the following per unit variable costs for the year. mpute the cost of ending finished goods inventory reported on the balance sheet using absorption costing