P che si The annual data that follow pertain to See It, a manufacturer of swimming goggles. (See It 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 See it for the year, 2. Which statement shows the higher operating income? Why? Reconcile the difference between the two statements, 3. See It's marketing vice-president believes a new sales promotion that costs $185,000 would increase sales to 235,000 goggles Should the company go the promotion? Give your reason luste orts Requirement 1. Prepare both conventional (absorption costing) and contribution margin (variable conting) Income statements for See it for the year. 9,000 Begin with the conventional (absorption costing) income statement. (For entries with a zahulunca mala curato antes do the standaan See It - X Data Table Conventional (Absorption Costing) Income Statement For the Year Ended December 31 Sales revenue Sale price S Less: Cost of goods sold: Variable manufacturing Beginning finished goods inventory expense per unit 23 me st Sales commission expense per unit Cost of goods manufactured Fixed manufacturing overhead 2,820,000 Cost of goods available for sale Fixed operating expenses 260,000 me st Ending finished goods inventory Number of goggles produced 235,000 Cost of goods sold 220,000 ain th Number of goggles sold Gross profit costir Operating expenses Operating income Print Dong 14 6