The annual data that follows pertain to Goggles Only, a manufacturer of swimming goggles $($the company had no beginning inventory$)$:

$($Click the icon to view the data.$)$

Read the requirements.

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.

Goggles Only

Income Statement $($Absorption Costing$)$

For the Year Ended December $31$