QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets and sold 4,500. Each racket was sold at a price of $86. Fixed overhead costs are $70,560 and fixed selling and administrative costs are $64,800. The company also reports the following per unit costs for the year: Variable product costs Variable selling and administrative expenses 1.60 $ 24.60 Prepare an income statement under variable costing. ACES INC Variable Costing Income Statement Sales Less: Cost of goods sold Fixed overhead costs Variable product costs Cost of goods sold Gross margin Net income (loss)