The annual data that follow pertain to Mike's Magnificant Eyewear, a manufacturer of swimming goggles. (Mike's Magnificant Eyewear had no beginning Finished Goods Inventory in January.) (Click the icon to view the data.) Read the requirements. Data table Requirements 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Mike's Magnificant Eyewear for the year ended December 31. 2. Which statement shows the higher operating income? Why? 3. Mike's Magnificant Eyewear's marketing vice president believes a new sales promotion that costs $40,000 would increase sales to 235,000 goggles. Should the company go ahead with the promotion? Give your reasoning