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Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. Each racket was sold at a price of $90. Fixed overhead costs are $78,000 and fixed selling and administrative costs are $65,200. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $ 25.00 $ 2.00 Required: Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Selling general and administrative expenses Net income (loss)