Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,200...
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Aces Incorporated, 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 for the year, and fixed selling and administrative costs are $65,400 for the 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 Required: Prepare an income statement under variable costing. Sales Variable expenses Variable overhead Variable selling and administrative expenses Variable cost of goods sold Contribution margin Fixed expenses ACES INCORPORATED Variable Costing Income Statement Fixed overhead Fixed selling and administrative costs Income (loss) $ 12.06 8.06 5.08 2.20 $469.200
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