The annual data that follow pertain to Goggles Only, a manufacturer of swimming goggles. (Goggles Only 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 Goggles Only for the year. 2. Which statement shows the higher operating income? Why? Reconcile the difference between the two statements. 3. Goggles Only's marketing vice-president believes a new sales promotion that costs $180,000 would increase sales to 240,000 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 Only for the year. Begin with the conventional (absorption costing) income statement. (For entries with a zero balance, make sure to enter "0" in the appropriate cell.) Goggles Only Conventional (Absorption Costing) Income Statement For the Year Ended December 31 Operating income