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Use the tollowing intormation tor the Quick study below. $($AIgo$)$

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

Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $6,050$ rackets and sold $4,930.$ Each racket was sold at a price of $$90.$ Fixed overhead costs are $$78,650$ per year, and fixed selling and administrative costs are $$65,400$ per year. The company also reports the following per unit variable costs for the year.

Direct materials

Direct labor

Variable overhead

Variable selling and administrative expenses

$$12$

$8$

$5$

$2$

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

Prepare an income statement under absorption costing.

$\backslash$table$[[$ACES INCORPORATED$],[$Income Statement $($Absorption Costing$)],[$Sales$,,$$$,443,700],[$Cost of goods sold,grad,,$],[,,,443,700],[>,,,],[>,,$$$,443,700]]$