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 6,750 rackets and sold 5 280 Each racket was sold at a price of $90. Fixed overhead costs are $87,750 per year, and fixed selling and administrative costs are $66,800 per year. The company also reports the following per unit variable costs for the year, Direct materials $ 12 Direct labor Variable overhead Variable selling and administrative expenses 8 5 2 QS 19-4 (Algo) Variable costing income statement LO P2 Prepare an income statement under variable costing. $ 475,200 ACES INCORPORATED Income Statement (Variable Costing) Sales Less. Variable expenses Variable cost of goods sold Variable selling and administrative expenses Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) 0 $ 0