Required: Prepare an income statement under variable costing. QS 18-26B (Algo) Absorption costing income statement LO P4 Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,700 rackets and sold 5.600. Each racket was sold at a price of $97. Fixed overhead costs are $91,790 for the year, and fixed selling and administrative costs are $65,900 for the year. The company also reports the following per unit varlable costs for the year: Required: Prepare an income statement under absorption costing. Aces incouporated. a manufacturer of tennis rackets, began operations this year. The company produced 5,700 rackets and sold 4,000. Each racket was sold at a price of $81. Fixed oveshead costs ase $61,710 for the year, and fixed selling and administrative costs are $64,300 for the year. The company also reports the following per unit variable costs for the year. Required: Prepare an income statement under variable costing