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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7.450 rackets and sold 5,630. Each racket was sold at a price of $90. Fixed overhead costs are $96,850 per year, and fixed selling and administrative costs are $68,200 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 2 8 5 NU Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sale Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,450 rackets and sold 5,630. Each racket was sold at a price of $90. Fixed overhead costs are $96,850 per year, and fixed selling and administrative costs are $68,200 per year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses $ 12 8 5 2 Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing Finished goods inventory under variable costing Product cost per unit 5 Fished goods inventory reported on balance sheet Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7.450 rackets and sold 5,630. Each racket was sold at a price of $90. Fixed overhead costs are $96,850 per year, and fixed selling and administrative costs are $68,200 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor 8 Variable overhead Variable selling and administrative expenses NUO Prepare an income statement under absorption costing. ACES INCORPORATED Income Statement (Absorption Costing) 0 $ 0

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