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The Tockinson Company manulactures trendy, high-qualiy, moderately priced watches. As Tominson's senior financial aralyt you are asked to recommend a method of itventbry coiting Ine chinf Es officer (CFO) will use your recommendation to prepare Tomlinson's 2020 income statement. The following data are for the year ended Docomber 31,2080 (Click the icon to view the dath.) (Click the icon to view the assumptons.) Read the reguirements: Requirement 1. Prepare income statements under variable and absorpton costing for the year ended Decenber 31, 2020. Data table Requirements 1. Prepare income statements under variable and absorption costing for the year ended December 31, 2020. 2. What is Tomlinson's operating income as percentage of revenues under each costing method? 3. Explain the difference in operating income between the two methods. 4. Which costing method would you recommend to the CFO? Why? Assumptions Assume standard costs per unit are the same for units in beginning inventory and units produced during the year. Also, assume no price, spending, or efficiency variances. Any production-volume variance is written off to cost of goods sold. Now prepare the income statement under absorption costing for the year ended December 31,2020 . Complete the top hi variances as favorable (F) or unfavorable (U).) variances as tamorable (F) or unfavorable (U)