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 7,950 rackets and sold 5,880. Each racket was sold at a price of $90. Fixed overhead costs are $103,350 per year, and fixed selling and administrative costs are $69,200 per year. The company also reports the following per unit varlable costs for the year. QS 19-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing. 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 7,950 rackets and sold 5,880 . Each racket was sold at a price of $90. Fixed overhead costs are $103,350 per year, and fixed selling and administrative costs are $69,200 per year. The company also reports the following per unit varlable costs for the year. 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