[The following information applies to the questions displayed below] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,350 rackets and sold 5,080. Each racket was sold at a price of $90, Fixed overhead costs are $82,550 per year, and fixed selling and administrative costs are $66,000 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 Prepare an income statement under absorption costing. Sales ACES INCORPORATED Income Statement (Absorption Costing) Cost of goods sold Selling and administrative expenses Income $ 0 $ 12 8