The annual data that follows pertain to Joe's Pool Stuff, a manufacturer of swimming goggles (the company had no beginning inventory): B 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 Joe's Pool Stuff for the year. Begin with the conventional (absorption costing) income statement. Joe's Pool Stuff Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue 8,601,000 Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Sales price $ 47 Variable manufacturing expense per unit 22 Sales commission expense per unit ......$ 13 Fixed manufacturing overhead $ 1,640,000 Fixed operating expenses 260,000 Number of goggles produced 205,000 Number of goggles sold 183,000 $ 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? 3. The company marketing vice president believes a new sales promotion that costs $155,000 would increase sales to 205,000 goggles. Should the company go ahead with the promotion? Give your reason