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 7150 rackets and sold 5.480. Each racket was sold at a price of $90. Fixed overhead costs are $92,950 per year, and fixed selling and administrative costs are $67.600 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 QS 19-4 (Algo) Variable costing Income statement LO P2 Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sales 493,200 Less: Variable expenses Variable cost of goods sold $ 27.400 Variable selling and administrative expenses 27.400 54.800 Contribution margin Less: Fixed expenses Fixed overhead $ 92.950 Fixed selling and administrative expenses 67.600 160,550 ncome