Ridgefield's 2020 income statement. The following data are for the year ended December 31, 2020: (Click the icon to view the data.) (1) (Click the icon to view the assumptions.) Read Adjustment for production-volume variance Data table Allocated fixed manufacturing costs Beginning inventory Contribution margin Cost of goods available for sale Cost of goods sold Deduct ending inventory Fixed manufacturing overhead costs Fixed operating costs year ended December 31, 2020. Complete the top half of the income staten Srncc marnin Requirements 1. Prepare income statements under variable and absorption costing for the year ended December 31, 2020. 2. What is Ridgefield'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