Required information Use the following information for the Quick Study below. (Algo) Skip to question [The following information applies to the questions displayed below.] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6, 350 rackets and sold 5,080. Each racket was sold at a price of $90. Fixed overhead costs are $82,550 per year, and fixed selling and administrative costs are $66,000 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor 8 Variable overhead 5 Variable selling and administrative expenses 2 QS 19-6 (Algo) Absorption costing income statement LO P2 Prepare an income statement under absorption costing.

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