The annual data that follows pertain to Joe's Pool Stuff, a manufacturer of swimming goggles (the company had no beginning inventory): (Click the icon to view the data.) Requirements 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 $150,000 would increase sales to 240,000 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 Joe's Pool Stuff for the year. Begin with the conventional (absorption costing) income statement. Joe's Pool Stuff ncome Statement (Absorption Costing) For the Tear Ended December 31 Less: Less: Operating expenses