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The annual data that follow pertain to See It, a manufacturer of swimming goggles. (See It had no beginning inventories.) (Click the icon to view the data.) Requirements 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for See It for the year. 2. Which statement shows the higher operating income? Why? Reconcile the difference between the two statements. 3. See It's marketing vice-president believes a new sales promotion that costs $155,000 would increase sales to 220,000 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. (For entries with a zero balance, make sure to enter "0" in the appropriate cell.) Sale price 44 Variable manufacturing expense per unit 21 Sales commission expense per unit Fixed manufacturing overhead 7 1,980,000 Fixedoperatingexpenses275,000 Numberofgogglesproduced220,000 Number of goggles sold 205,000