The annual data that follow pertain to Joe's Pool Stuff, a manufacturer of swimming goggles. (Joe's Pool Stuff 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 Joe's Pool Stuff for the year. 2. Which statement shows the higher operating income? Why? Reconcile the difference between the two statements. 3. Joe's Pool Stuff's marketing vice-president believes a new sales promotion that costs $180,000 would increase sales to 200,000 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 Joe's Pool Stuff 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.) Data table