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 7.550 rackets and sold 5.680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 per year, and fixed selling and administrative costs are $68.400 per year The company also reports the following per unit variable costs for the year. $ 12 Direct materials Direct labor Variable overhead Variable selling and administrative expenses QS 6-7 (Algo) Reporting Inventory using absorption costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing * Answer is not complete. Is Finished goods inventory under absorption costing Direct materials Direct labor Variable overhead Fored overhead 12 8 5 13 Product cost per unit Is 38 Finished goods inventory reported on balance sheet $ 71,000