The annual data that follows pertain to See It, a manufacturer of swimming goggles (the company had no beginning inventories): Requirements Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for See It for the year. Which statement shows the higher operating income? Why? 3. The company marketing vice president believes a new sales promotion that costs $140,000 would increase sales to 230,000 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