QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,500 rackets and sold 5,400. Each racket was sold at a price of $95. Fixed overhead costs are $87,750 and fixed selling and administrative costs are $65,700. The company also reports the following per unit costs for the year: Variable product costs Variable selling and administrative expenses $ 25.50 $ 2.50 Prepare an income statement under variable costing. Prepare an income statement under variable costing. Answer is not complete. ACES INC Variable Costing Income Statement Sales $ 513,000 Less: Variable costs Variable product costs $ 137,700 Variable selling and administrative 13,500 expenses 151,200 Total variable costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss)