Exercise 7.12 Variable Costing Income Statement; Reconciliation [LO7-2, LO7-3] Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year foliow5: The company's selling and administrative expenses cons/st of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $23 unit product cost given above is computed as follows: Required: 1. Redo the company/s income statement in the contribution formot using voriable 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 stotement above. Complete this question by entering your answers in the tabs below. income on the absorption costing income statement above. Coreplete this question by entering your answers in the tabs below. Fede the company's income statement in the contribution format using varisble costing. 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 abporption costing income statement above. Complete this question by entering your answers in the tabs below. Reconclie amy difference between the net operating income on your variable costing income statement and the net operating Reconclie any difference between the net operating income on your vanabie costing iductions as a negative value.) Income on the absorption costing income statement above. (Enter any losses or dedluct