es Required information Use the following information for the Quick Study below. (Algo) [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 $12 QS 19-4 (Algo) Variable costing income statement LO P2 Prepare an income statement under variable costing. Sales Less: Cost of goods sold Fixed overhead ACES INCORPORATED Income Statement (Variable Costing) Variable selling and administrative expenses Variable cost of goods sold, Gross profit Fixed selling and administrative expenses Variable cost of goods sold Loss