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 7,150 rackets and sold 5,480. Each racket was sold at a price of $90. Fixed overhead costs are $92,950 per year, and fixed selling and administrative costs are $67,600 per year. The company also reports the following per unit variable costs for the year. Direct materials 12 Direct labor Variable overhead Variable selling and administrative expenses QS 19-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing)