QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,300 rackets and sold 4,200. Each racket was sold at a price of $83. Fixed overhead costs are $65,190, and fixed selling and administrative costs are $64,500. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses Prepare an income statement under variable costing. ACES INC. Variable Costing Income Statement $ 24.30 $ 1.30 Sales Net income (loss) $ 348,600