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QS 18-25B (Algo) Variable costing income statement LO P4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,900 rackets and sold 4,800 . Each racket was sold at a price of $89. Fixed overhead costs are $76,110 for the year, and fixed selling and administrative cos are $65,100 for the year. The company also reports the following per unit variable costs for the year. Required: Prepare an income statement under variable costing. 2S 18-268 (Algo) Absorption costing income statement LO P4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 5,100 rackets and sold 4,00 . Each racket was sold at a price of $81. Fixed overhead costs are $61,710 for the year, and fixed selling and administrative costs are 864,300 for the year. The company also reports the following per unit variable costs for the year: Required: Prepare an income statement under absorption costing