please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) The annual data that follows pertain to Rick's Radical Eyewear, a manufacturer of swimming goggles (the company hadno beginning inventory):View the data.Read the requirements.Requirement 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) incomestatements for Rick's Radical Eyewear for the year. Begin with the conventional (absorption costing) income statement.Less:Rick's Radical EyewearIncome Statement (Absorption Costing)For the Year Ended December 31.…..Less: Operating expensesInce(2/2) DataSales price....Variable manufacturing expense per unit . . . . . $Sales commission expense per unit$Fixed manufacturing overheadFixed operating expenses.Number of goggles producedNumber of goggles sold..RequirementsPrintDonePrint$- XDone391951. Prepare both conventional (absorption costing) and contributionmargin (variable costing) income statements for Rick's Radical Eyewear forthe year.1,980,000250,000220,000198,0002. Which statement shows the higher operating income? Why?3. The company marketing vice president believes a new sales promotion thatcosts $165,000 would increase sales to 220,000 goggles. Should thecompany go ahead with the promotion? Give your reason.- X+on mal (abs(variable coon costing)

Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…

Data Sales 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... Requirements Print Done - X 39 19 5 $1,980,000 $ 250,000 220,000 198,000 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Rick's Radical Eyewear for the year. 2. Which statement shows the higher operating income? Why? 3. The company marketing vice president believes a new sales promotion that costs $165,000 would increase sales to 220,000 goggles. Should the company go ahead with the promotion? Give your reason. -

Data Sales 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... Requirements Print Done - X 39 19 5 $1,980,000 $ 250,000 220,000 198,000 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Rick's Radical Eyewear for the year. 2. Which statement shows the higher operating income? Why? 3. The company marketing vice president believes a new sales promotion that costs $165,000 would increase sales to 220,000 goggles. Should the company go ahead with the promotion? Give your reason. -

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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