[The following information applies to the questions displayed below.] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,750 rackets and sold 5,780. Each racket was sold at a price of $90. Fixed overhead costs are $100,750 per year, and fixed selling and administrative costs are $68,800 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 19-4 (Algo) Variable costing income statement LO P2 Prepare an income statement under variable costing. Answer is not complete. ACES INCORPORATED Income Statement (Variable Costing) Sales $ 520,200 Less: Variable expenses $ Variable cost of goods sold 144,500 Variable selling and administrative expenses 11,560 156,060 Contribution margin $ Fixed overhead 100,750 Fixed selling and administrative expenses 68,800 Income 169,550 $ 364,149