The annual data that follows pertain to Swim Clearly, 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 Swim Clearly for the year. Begin with the conventional (absorption costing) income statement. Swim Clearly Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses $ 9,568,000 5,200,000 4,368,000 1,503,000 $ 2,865,000 Operating income Now let's prepare the contribution margin (variable costing) income statement for Swim Clearly for the year. Swim Clearly Contribution Margin (Variable Costing) Income Statement Sales revenue For the Year Ended December 31 Less: Less: