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 $195,000 would increase sales to 205,000 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 See It 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.) See It Conventional (Absorption Costing) Income Statement For the Year Ended December 31 Operating income Data table Sale price. $ 42 Variable manufacturing expense per unit 18 Sales commission expense per unit 5 Fixed manufacturing overhead 1,640,000 Fixed operating expenses 270,000 Number of goggles produced 205,000 Number of goggles sold. 185,000 Print Done -