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Required information [The following information applies to the questions displayed below) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,650 rackets and sold 5,230. Each racket was sold at a price of $90. Fixed overhead costs are $86,450 per year, and fixed selling and administrative costs are $66,600 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 8 5 2 Prepare an income statement under variable costing Answer is not complete. ACES INCORPORATED Income Statement (Variable Costing) Sales Less: Variable expenses Variable selling and administrative expenses 130.750 Variable cost of goods sold 10,460 $ 470,700 141,210 Contribution margin Less: Fixed expenses Fixed overhead Fixed selling and administrative expenses OOO Income
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