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 7,550 rac and sold 5.680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 per year, and fixed selling administrative costs are $68.400 per year. The company also reports the following per unit variable costs for the ye 3 12 Direct materials Director Variable overhead Variable selling and administrative expenses 5 QS 6-4 (Algo) Variable costing Income statement LO P2 Prepare an income statement under variable costing. Answer is complete but not entirely correct. $ 551,200 O ACES INCORPORATED Income Statement (Variable Costing) Sales Less Variable expenses Variable cost of goods sold S 142.000 Valable selling and administrative expenses 11,300 Vanable selling and administrative expenses Contribution margin Le Foced expenses Foed overhead $ 98.150 Fixed selling and administrative expenses 08.400 Vanable selling and administrative expenses Income 3 153300 357,840 100.550 $ 101.200 O 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 and sold 5,680. Each racket was sold at a price of $90. Fixed overhead costs are $98.150 pery administrative costs are $68.400 per year. The company also reports the following per unit varit $ 12 Direct materials Direct labor Variable overhead Variable selling and administrative expenses NON QS 6-4 (Algo) Variable costing Income statement LO P2 Prepare an income statement under variable costing. ces $ 511.200 ACES INCORPORATED Income Statement (Variable Costing Sales Less: Variable expenses Variable cost of goods sold S 142.000 Variable selling and administrative expenses 11.300 Variable selling and administrative expenses 153.380 357.840 508,150 88.400 Fixed overhead Fixed selling and administrative expenses Variable cost of goods sold Variable selling and administrative expenses 100.550 $199 200 bf4 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 compa and sold 5,680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 pe administrative costs are $68,400 per year. The company also reports the following per unit v. $ 12 BOOK Direct materials Direct labor Variable overhead Variable selling and administrative expenses 852 Hint QS 6-4 (Algo) Varlable costing Income statement LO P2 Print Prepare an income statement under variable costing, ferences $ 511.200 ACES INCORPORATED Income Statement (Variable Costing) Sales Less: Variable expenses S 142.000 11.380 Fixed overhead Fixed selling and administrative expenses Variable cost of goods sold Variable selling and administrative expenses $ 98.150 res 88,4001 Variable selling and administrative expenses Income 153,360 357.840 168,550 101.200 S
