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QS 18-25B (Algo) Variable costing income statement LO P4 Aces Incorporated, a manufacturer...

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Accounting

QS 18-25B (Algo) Variable costing income statement LO P4
Aces Incorporated, 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 for the year, and fixed selling and
administrative costs are $66,000 for the year. The company also reports the following per unit varlable costs for the year.
Direct materials
$12.24
Direct labor
8.24
Variable overhead
5.32
Variable selling and administrative expenses
2.80
Requlred:
Prepare an Income statement under varlable costing.
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