Now let's prepare the contribution margin (variable costing) income statement for Sea Down There for the year. Sea Down There Contribution Margin (Variable Costing) Income Statement For the Year Ended December 31 Sales revenue Less: Variable expenses Variable operating expenses Sales revenue Contribution margin ID Less: Fixed expenses Fixed manufacturing overhead Fixed operating expenses Operating income Data Table X Sales price $ 42 Variable manufacturing expense per unit $ 20 Sales commission expense per unit .....$ 6 Fixed manufacturing overhead $ 2,760,000 Fixed operating expenses $ 240,000 Number of goggles produced 230,000 Number of goggles sold 212,000 Print Done Requirement 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Sea Down There for the year. Begin with the conventional (absorption costing) income statement. Sea Down There Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue $ 8,904,000 Less: Cost of goods sold 6,784,000 Gross profit 2,120,000 1,512,000 Less: Operating expenses $ 608,000 Operating income Now let's prepare the contribution margin (variable costing) income statement for Sea Down There for the year