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Required Information

Use the following information for the Quick Study below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $7,250$ rackets and sold $5,530.$ Each racket was sold at a price of $$90.$ Fixed overhead costs are $$94,250$ per year, and fixed selling and administrative costs are $$67,800$ per year. The company also reports the following per unit varlable costs for the year.

Direct materials

Direct labor

Variable overhead

Variable selling and administrative expenses

$$12$

$8$

$5$

$2$

QS $19-6($Algo$)$ Absorption costing income statement LO P$2$

Prepare an income statement under absorption costing.

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