Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,100 rackets...

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Aces Incorporated, 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. Fixed overhead costs are $79.910 for the year, and fixed selling and administrative costs are $65,300 for the 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 Required: Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) $ 0 $ 0 $12.03 8.03 5.04 2.10 Aces Incorporated, 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. Fixed overhead costs are $79.910 for the year, and fixed selling and administrative costs are $65,300 for the 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 Required: Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) $ 0 $ 0 $12.03 8.03 5.04 2.10