3. Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the ye follows: Whitman Company Income Statement Sales (42,000 units X $42.60 per unit) $1,789, 200 Cost of goods sold (42,000 units X $21 per unit) 882,000 Gross margin 907,200 Selling and administrative expenses 483,000 Net operating income $ 424,200 The company's selling and administrative expenses consist of $315,000 per year in fed expenses and 4 expenses. The $21 unit product cost given above is computed as follows: 510 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($255,000 - 51,000 units) Absorption costing unit product cost 521 Required: 1. Redo the company's income statement in the contribution format using the 2. Reconcile any difference between the net operating income on your wing income on the absorption costing income statement above Complete this question by entering your answer is the Required 1 Required 2