K The annual data that follows pertain to Rays, a manufacturer of swimming goggles (the company had no beginning inventory): (Click the icon to view the data.) Read the requirements. 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. Rays Income Statement (Absorption Costing) For the Year Ended December 311 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Y Data table Sales price.... Variable manufacturing expense per unit... $ Sales commission expense per unit.... Fixed manufacturing overhead.. Fixed operating expenses.. $ 46 15 $ 7 $ 1,980,000 $ 240,000 Video Get more help- Number of goggles produced. Number of goggles sold 220,000 195.000