! 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 7,750 rackets and sold 5,780. Each racket was sold at a price of $90. Fixed overhead costs are $100,750 per year, and fixed selling and administrative costs are $68,800 per year. The company also reports the following per unit variable costs for the year Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses 8 5 2 os QS 19-4 (Algo) Variable costing income statement LO P2 ! Required information Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sales Less: Cost of goods sold COD