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 7,950 rackets and sold 5,880. Each racket was sold at a price of $90. Fixed overhead costs are $103,350 per year, and fixed selling and administrative costs are $69,200 per year. The company also reports the following per unit variable costs for the year. $ 12 Direct materials Direct labor Variable overhead Variable selling and administrative expenses Prepare an income statement under variable costing. Answer is not complete. ACES INCORPORATED Income Statement (Variable Costing) $ 529,200 Salos Less: Variable expenses Web Allind ARAR le 7 Prepare an income statement under variable costing. * Answer is not complete. ACES INCORPORATED Income Statement (Variable Costing) Sales $ 529,200 Less: Variable expenses Variable selling and administrative expenses $ 11,760 X 103,350 X X 69,200 X 184,310 Fixed overhead Fixed selling and administrative expenses Contribution margin Less: Cost of goods sold X Income Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. Finished goods Inventory under variable costing Variable selling and administrative expenses 7,950 5,880 Product cost per unit A 13,830 Finished goods inventory reported on balance sheet $ 51,750 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing, Finished goods Inventory under absorption costing $ 0 Product cost per unit Finished goods inventory reported on balance sheet