QS 5-25B (Algo) Variable costing income statement LO P4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,100 rackets and sold 5,000. Each racket was sold at a price of $91. Fixed overhead costs are $79,910 for the year, and fixed selling and administrative costs are $65,300 for the year. The company also reports the following per unit variable costs for the year. Direct materials $ 12.03 Direct labor 8.03 Variable overhead 5.04 Variable selling and administrative expenses 2.10 Required: Prepare an income statement under variable costing.