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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
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 7.550 rackets and sold 5,680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 per year, and fixed selling and administrative costs are $68,400 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 B 5 2 Prepare an income statement under variable costing. Sales Less Variable expenses ACES INCORPORATED Income Statement (Variable Costing) Variable cost of goods sold Fixed overhead Fixed selling and administrative expenses Variable cost of goods sold Variable selling and administrative expenses 31 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 7,550 rackets and sold 5,680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 per year, and fixed selling and administrative costs are $68,400 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 2852 Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) Contribution margin Income Loss Sales Selling and administrative expenses
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