Norte Corporation's functional income statement for the first three periods of operations follows: Sales (P100.00 per unit) Cost of Sales Gross Profit Operating Expenses Operating income The company's cost structure follows: Direct Materials Direct Labor Period 1 P Period 2 Period 3 P P 500,000 700,000 300,000 420,000 200,000 280,000 100,000 120,000 100,000 160,000 P 30.00 12.00 8.00 10.00 Fixed Overhead P 60,000 Fixed Selling and Administrative P 50,000 The company consistently produced 6,000 units annually. Variable Overhead Variable Selling and Administrative 600,000 360,000 240,000 110,000 130,000 Required: 1. Construct the company's contribution format income statement for the three periods presented. 2. Reconcile the net income of under both costing method.