The annual data that follow portain to Soa Undorwater: a manufacturer of swimming gogglos. (Sea Uinderwator had no beginning inventorias.) III (Click the icon to view the data.) Requirements 1. Prepare both conventional (absoiption costing) and contribution margin (variable costing) income statomens for Soa Uniconwater for the year 2. Which statemant shows the higher operating income? Why? Roconcile the ditterence botweon the hwo statements. 3. Soe Underwabor's markoting vice-president bolieves a new sakee promotion that cosis $175,000 would increase salos to 220,000 gotgios Shoud the compary go ahead with the promotion? Give your reason. The annual data that EFH. (Click the icon t Requirements Data table Underwater had no beginnir 1. Prepare both conve 2. Which statement st 3. See Underwater's ; e statements for Sea Underv ahead with the pror he two statements. would increase sales to 220