1 Use the following information for the Quick Study below. (Algo) The following information applies to the questions displayed below) Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 7050 rackets and sold 5,430. Each racket was sold at a price of $90 Fixed overhead costs are $91,650 per year, and fixed selling and administrative costs are $67,400 per 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