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Che Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows con Statet Sales 05, its 525 per unit) $ 375.000 Cost of boods sold 5,000 its - 516 per it) 550.000 315,00 Selling and instrative expenses Net sorting into The company's selling and administrative expenses consist of $210.000 per year in fed expenses and $2 per unit sold in variable expenses. The $16 unit product cost given above is computed as follows: Direct saterials 55 Direct labor Variable manufacturing overhead 1 Ered manufacturing overhead ($160,000 ccts) Absorption costing unit product cost 5 16 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. Required 1 Required 2 Redo the company's income statement in the contribution format using variable co Whitman Company Variable Costing Income Statement 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