$!$Required information

Use the following information for the Quick Study below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company

produced $7,850$ rackets and sold $5,830.$ Each racket was sold at a price of $$90.$ Fixed overhead costs

are $$102,050$ per year, and fixed selling and administrative costs are $$69,000$ per year. The company

also reports the following per unit variable costs for the year.

QS $19-7($Algo$)$ Reporting inventory using absorption costing LO P$2$

Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing.

Answer is not complete.

Required information

Use the following information for the Quick Study below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company

produced $7,850$ rackets and sold $5,830.$ Each racket was sold at a price of $$90.$ Fixed overhead costs

are $$102,050$ per year, and fixed selling and administrative costs are $$69,000$ per year. The company

also reports the following per unit variable costs for the year.

QS $19-6($Algo$)$ Absorption costing income statement LO P$2$

Prepare an income statement under absorption costing.

Answer is not complete.