Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,200 rackets and sold 5,100. Each racket was sold at a price of $92. Fixed overhead costs are $81,840 and fixed selling and administrative costs are $65,400. The company also reports the following per unit costs for the year:
Variable production costs $ 25.20
Variable selling and administrative expenses $ 2.20
Required:
Prepare an income statement under variable costing.
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