Q1. Whitman Company has just completed its first year of operations. The company's accountant has prepared an income statement for the year as follows (absorption costing basis): The company's selling and administrative expenses consist of $210,000 per year in fixed expenses and $2 per unit sold in variable expenses. The $16 unit product cost given above is computed as follows: Required: 1. Redo the company's income statement in the contribution format using variable costing. 2. Reconcile any difference between the net income figure on your variable costing income statement and the net income figures on the absorption costing income statement above