The annual data that follow pertain to Goggles 4 U, a manufacturer of swimming goggles. (Goggles 4 U had no beginning inventories.) EE! (Click the icon to view the data.) Requirements 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Goggles 4 U for the year. 2. Which statement shows the higher operating income? Why? Reconcile the difference between the two statements. 3. Goggles 4 U's marketing vice-president believes a new sales promotion that costs $190,000 would increase sales to 210,000 goggles. Should the company go ahead with the promotion? Give your reason Requirement 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Goggles 4 U for the year. Begin with the conventional (absorption costing) income statement (For entries with a zero balance, make sure to enter "O" in the appropriate cell.) Data Table Goggles 4U Conventional (Absorption Costing) Income Statement For the Year Ended December 31 $ 38 18 6 Sale 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 2.310.000 280,000 210,000 195.000 Choose from any list or enter any number in the input fields and then continue to the next question, Print Done Done