05 21-253 (Algo) Variable costing income statement LO P4 Aces Incorporated. a manufacturer of tennis rackets. began operations this year. The company produced 5,800 rackets and sold 4,700. Each racket was sold at a price of $88. Fixed overhead costs are $74,240 for the year, and xed selling and administrative costs are $65,000 for the year. The company also reports the following per unit variable costs for the year. Direct materials $ 11.94 Direct labor 7.94 Variable overhead 4.92 Variable selling and administrative expenses 1.80 Required: Prepare an income statement under variable costing. Sales is 413,600 ................... , Variable cost of goods sold ' Variable selling and administrative expenses Income (loss) 05 21-263 (Algo) Absorption costing income statement LO P4 Aces Incorporated. a manufacturer of tennis rackets, began operations this year. The company produced 5,500 rackets and sold 4,400. Each racket was sold at a price of $85. Fixed overhead costs are $68,750 for the year, and xed selling and administrative costs are $64,700 for the year. The company also reports the following per unit variable costs for the year: Direct materials $ 11.85 Direct labor 7.85 Variable overhead 4.80 Variable selling and administrative expenses 1.50 Required: Prepare an income statement under absorption costing