Samed omework Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,100 rackets and sold 5,000. Each racket was sold at a price of $91. Foxed overhead costs are $79,910, and fixed selling and administrative costs are $65,300. The company also reports the following per unit costs for the year Variable production costs Variable selling and administrative expenses $25.10 $ 2.10 Required: Prepare an income statement under absorption costing ACES INC Absorption Costing Income Statement 5 455 DOO Less Variable costs Variable production costs Variable selling and administrative expenses Cost of goods sold Contribution margin 136,000 319.000 Selling general and administrative expenses Fored overhead costs Fixed selling and administrative costs 79 910 145 210 Total selling general and administrative expenses Net income (loss) $ 173.790