2 Whitman Company has just completed its first year of operations. The company's absorption costing Income statement for the year follows: 20 points Whitman Company Income Statement Sales (35,000 units $45.10 per unit) Cost of goods sold (39,000 units $23 per unit) Gross margin eBook Selling and administrative expenses Hin Net operating income Print $1,750,900 $97,000 861,900 487,500 $374,400 References The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $5 per unit sold in variable expenses. The $23 unit product cost given above is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($225,000 45,000 unita) $10 Absorption costing unit product cost Required: 9.23 1. Redo the company's income statement in the contribution format using variable costing. 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement above. Complete this question by entering your answers in the tabs below. Help Save & Exit Submit Check my work 2 20 point 1. Redo the company's income statement in the contribution format using variable costing 2. Reconcile any difference between the net operating Income on your variable costing income statement and the net operating income on the absorption costing income statement above Complete this question by entering your answers in the tabs below. Required 1 Required 2 Redo the company's income statement in the contribution format using variable costing Whitman Company Variable Cesting Income Statement Check my work Sales Variable expense Indirect materials $390.000 Indirect or 156 000 Fad mandaturing overheal 51,758,000 546.000 1.212.900 1212,900 2 Net operating income $374,400 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $5 per unit sold in variable expenses. The $23 unit product cost given above is computed as follows: 20 points Direct materials $10 Direct labor 4 eBook Fixed manufacturing overhead (6225,000 45,000 units) 4 $ 23 Print Meferences Variable manufacturing overhead Absorption coating unit product cost Required: 1. Redo the company's income statement in the contribution format using variable costing 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement above. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement above. (Enter any losses or deductions as a negative value) Reconciliation of Variable Casting and Absorption Costing Net Operating Incomes Variable costing net operating income Absorption costing net opening income Check my w