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 7550 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 material Direct labor Variable overhead Variable selling and administrative expenses QS 6-4 (Algo) Varlable costing Income statement LO P2 Prepare an income statement under variable costing ACES INCORPORATED Income Statement (Variable Costing)