Data table Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory Gross profit Less: Cost of goods sold: Operating expenses The annual data that follow pertain to Rays, a manutacturer of swimming goggles. (Rays had no beginning inventories.) (Click the icon to view the data.) Requirements 1. Prepare both conventional (absorption costing) 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 goggles. Should the company go ahead with the promotion? Give your resson. Requirement 1. Prepare both conventional (absorption costing) 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 "0* in the appropriate celil.)