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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 6,150 rackets and sold 4,980. Each racket was sold at a price of $90. Fixed overhead costs are $79,950 per year, and fixed selling and administrative costs are $65,600 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 8 5 2 QS 19-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing)