Required information [The following information applies to the questions displayed below.] Aces Incorporated, a manufacturer of...

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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 7,050 rackets and sold 5,430. Each racket was sold at a price of $90. Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 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 Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) $ 12 2852 Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less Fixed expenses Fixed overhead Fixed selling and administrative expenses Income $ 488,700 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 7,050 rackets and sold 5,430. Each racket was sold at a price of $90. Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 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 Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) $ 12 2852 Sales Less: Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less Fixed expenses Fixed overhead Fixed selling and administrative expenses Income $ 488,700