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 6,950 rackets and sold 5,380. Each racket was sold at a price of $90. Fixed overhead costs are $90,350 per year, and fixed selling and administrative costs are $67,200 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 6,950 rackets and sold 5,380. Each racket was sold at a price of $90. Fixed overhead costs are $90,350 per year, and fixed selling and administrative costs are $67,200 per year. The company also reports the following per unit variable costs for the year. Prepare an income statement under absorption costing