Requirements 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Eli's Electric Eyewear for the year ended December 31 . 2. Which statement shows the higher operating income? Why? 3. Eli's Electric Eyewear's marketing vice president believes a new sales promotion that costs $165,000 would increase sales to 205,000 goggles. Should the company go ahead with the promotion? Give your reasoning. Data table The annual data that folow pertann to Elis Electic Eyowoer, a manutacturer of swmining goggles. (Eirs Electric Eyewmar had no beginring Finished Goods inventory in zarcary) (Cick the kon to view tre data ) Read the reguicements: Requirement 1. Propare both conventional (absorption costing) and contribution margin (variablo coeting) income statements for Elis Electic Eyewear for the yoar anded Decencer 31. Pround intermediary caloulations to the nearest cent.) Begin by preparing Elins Electre Eyewear's conventional (absorption coding) income statement for the year ended December 31 . The annual data that follow pertain to Eli's Electric Eyewear, a manufacturer of swimming goggles. (Eli's (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare both conventional (absorption costing) and contribution margin (variable costing intermediary calculations to the nearest cent.) Begin by preparing Eli's Electric Eyewear's conventional (absorption costing) income statement for the ye g goggles. (Eli's Electric Eyewear had no beginning Finished Goods Inventory in January.) (variable costing) income statements for Eli's Electric Eyewear for the year ended December 31. (Rounc atement for the year ended December 31