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Click the icon to view the data.) Requirements 1. Prepare both conventional (absorption conting) and contribution margin (variable costing) income statements for Rays for the year. 2. Which statement shows the higher operating income? Why? Reconcile the difference between the two statements 3. Rays' marketing vice-president believes a new sales promotion that costs $200,000 would increase sales to 200,000 goggies. Should the company go ahead with the promotion? Give your reason Requirement 1. Prepare both conventional (absorption conting) and contribution margin (variable costing) income statements for Rays for the year. Begin with the conventional (absorption costing) income statement. (For entries with a zero balance, make sure to enter "o" in the appropriate cell.) Rays Conventional (Absorption Costing) Income Statement For the Year Ended December 31 Sales revenue 6475000 Cost of goods sold Beginning finished goods inventory Cost of goods manufactured Ending finished goods inventory Operating income ork: Assignment #2 Save ots 7 of 8 (5 complete) HW Score: 40% ok/static) Questio that follow pertain to Rays, a manufacturer of swimming goggles. (Rays had no beginning inventories.) on to view the data.) conventional (absorption costing) and contribution margin (variable costing) income statements for Rays for the year. nt shows the higher operating income? Why? Reconcile the difference between the two statements. g vice-president believes a new sales promotion that costs $200,000 would increase sales to 200,000 goggles. Should promotion? Give your reason Data Table - xome statements for Rays for Prepare both conventional Onventional (absorption cos sure to enter "o" in the app Rays entional (Absorption Cost For the Year Ended D 35 15 5 Sale price.. Variable manufacturing expense per unit Sales commission expense per unit Fixed manufacturing overhead Fixed operating expenses. Number of goggles produced Number of goggles sold sold Inished goods inventory ods manufactured goods inventory 2,000,000 250,000 200,000 185,000 Print Done Done ome any list or enter any number in the input fields and then click Check Answer Clear All Check Answer 21