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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,950 rackets and sold 5, 880. Each racket was sold at a price of $ 90. Fixed overhead costs are $103,350 per year, and fixed selling and administrative costs are $69,200 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor 8 Variable overhead 5 Variable selling and administrative expenses 2 Prepare an income statement under variable costing.

Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,950 rackets and sold 5, 880. Each racket was sold at a price of $ 90. Fixed overhead costs are $103,350 per year, and fixed selling and administrative costs are $69,200 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor 8 Variable overhead 5 Variable selling and administrative expenses 2 Prepare an income statement under variable costing.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,950 rackets and sold 5, 880. Each racket was sold at a price of $ 90. Fixed overhead costs are $103,350 per year, and fixed selling and administrative costs are $69,200 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor 8 Variable overhead 5 Variable selling and administrative expenses 2 Prepare an income statement under variable costing.
Transcribed Image Text:Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7,950 rackets and sold 5, 880. Each racket was sold at a price of $ 90. Fixed overhead costs are $103,350 per year, and fixed selling and administrative costs are $69,200 per year. The company also reports the following per unit variable costs for the year. Direct materials $ 12 Direct labor 8 Variable overhead 5 Variable selling and administrative expenses 2 Prepare an income statement under variable costing.
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