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3 value: 2.50 points Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below $1,873,200 Cost of goods sold (42,000 units $22 per unit) 924,000 Sales (42,000 units $44.60 per unit) 949.200 441,000 Gross margin $ 508,200 The company's selling and administrative expenses consist of $315,000 per year in fixed expenses and S3 per unit sold in variable expenses. The $22 per unit product cost given above is computed as follows $ 10 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($225,000 45,000 units) Absorption costing unit product cost $22 Required 1 Prepare the company's income statement in the contribution format using variable costing Whitman Company Variable Costing Income Statement