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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced $7,350$ rackets and sold $5,580.$ Each racket was sold at a price of $$90.$ Fixed overhead costs are $$95,550$ per year, and fixed selling and administrative costs are $$68,000$ per year. The company also reports the following per unit variable costs for the year.

Direct materials $ $12$

Direct labor $8$

Variable overhead $5$

Variable selling and administrative expenses $2$

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

Prepare an income statement under absorption costing.Ch $19$: Assignment i

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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 $7,350$ rackets and sold $5,580.$ Each racket was sold at a price of $$90.$ Fixed overhead costs are $$95,550$ per year, and fixed selling and administrative costs are $$68,000$ per year. The company also reports the following per unit variable costs for the year.

Direct materials

Direct labor

Variable overhead

Variable selling and administrative expenses

$$12$

$8$

Part $3$ of $4$

$!$

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

Prepare an income statement under absorption costing.

$\backslash$table$[[$ACES INCORPORATED$],[$Income Statement $($Absorption Costing$)],[$Sales$,],[$Cost of goods sold,$],[,],[$Selling and administrative expenses,$],[$Income$,$$