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 6,550 rackets and sold 5,180. Each racket was sold at a price of $90. Fixed overhead costs are $85,150 per year, and fixed selling and administrative costs are $66,400 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 12 8 5 2 Prepare an income statement under variable costing. Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sales $ 466,200