man Company has just completed its first year of operations. The company's absorption costing income statement for the year White Company Income Statement Les (40,000 units X 543. 10 per unit) et of goods sold (40.000 units X $23 per unit) 085 Raran lling and administrative expenses et operating income 1, 724,000 920.000 804.000 500.000 304.000 e company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $5 per unit sold in variable Denses. The $23 unit product cost given above is computed as follows: Direct materials Direct labor Variable para acturing overhead Fixed an acturing overhead ($300.000 + 50.000 units) Absorption coating unit product cout Cequired: Redo the company's income statement in the contribution format using variable costing. . 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 con income Statement The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $5 per unit sold in variable expenses. The $23 unit product cost given above is computed as follows: $10 Direct materials Direct labor Variable manufacturing overhead Fixed manfacturing overhead ($300,000 + 50,000 inits) Absorption costing 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 Costing and Absorption Costing Net Operating Incomes Variable costing net operating income Absorption costing net operating Income