QS 18-25B (Algo) Variable costing income statement LO P4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,900 rackets and sold 5,800. Each racket was sold at a price of $99. Fixed overhead costs are $95,910 for the year, and fixed selling and administrative costs are $66,100 for the 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 Required: Prepare an income statement under variable costing. ACES INCORPORATED Variable Costing Income Statement Income (loss) $ 12.27 8.27 5.36 2.90