Whiteman Company had just completed it's first year of operations. The company's costing income statement for the year follows:

The company's selling and administrative expenses consist of $315,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $22 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 operating income on your varlable costing income statement and the net operating income on the absorption costing income statement above. Whitman Company Variable Costing Income Statement 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.)