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Data table 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. Requirements 1. Prepare income statements under variable and absorption costing for the year ended December 31, 2020. 2. What is Gable'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? The Gable Compaby manufactures trendy, high-qualty, moderalely priced watches. As Gablo's senior financial analyst you are asked to recommend a method of invontary costing. Tha chief finantial officer (CFO) will uso your recommendation to prepare Gable's 2020 income statement. The follawing data are for the year ended Docertber 31,2020 : Requilrement 1. Propare income statemonts under variable and absorption costing for the year endod December 31, 2020 Bogin by prepacing the inoome statement under variable costing for the year endod December 31,2020 . Complete the top half of the inoome statement frst, then complofn the bottom pertion