Required information Use the following information for the Quick Study below. (Algo) [The following information applles to the questions displayed below.] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,850 rackets and sold 5,830. Each racket was sold at a price of $90. Fixed overhead costs are $102,050 per year, and fixed selling and administrative costs are $69.000 per year. The company also reports the following per unit variable costs for the year. QS 19-4 (Algo) Variable costing income statement LO P2 Prepare an income statement under variable costing. QS 19-5 (Algo) Reporting inventory using variable costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. QS 19-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing. QS 19-7 (Algo) Reporting inventory using absorption costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using absorption costing