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Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,800...

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Accounting

Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,800 rackets and sold 5,700. Each racket was sold at a price of $98. Fixed overhead costs are $93,840, and fixed selling and administrative costs are $66,000. The company also reports the following per unit costs for the year: Variable production costs $ 25.80 Variable selling and administrative expenses $ 2.80 Required: Prepare an income statement under absorption costing.

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