Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows Whitman Company Income Statement Sales (39,000 units - $15.10 per unit) Cost of goods sold (39,000 units - $22 per unit) Gross margin Selling and administrative expenses Het operating income $1,759,900 350,000 900, 900 409,500 $ 491,400 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $3 per unit sold in variable expenses. The $22 unit product cost given above is computed as follows: Direct materials Direct labor Variable manutacturing overhead Fixed manufacturing overhead ($105,000 46,000 unita) Absorption conting unit product cost $11 5 2 1 $ 22 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: Required 2 Redo the company's income statement in the contribution format using vanable costing Whitman Company Variable Costing Income Statement Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows Whitman Company Income Statement 3ales (39,000 units - $45.10 per unit) Cost of goods sold (39,000 units - $22 per unit) Gross margin Selling and administrative expenses Het operating income $1,758,900 858,000 900, 900 409,500 $491,400 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $3 per unit sold in variable expenses. The $22 unit product cost given above is computed as follows: $ Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($184,000 = 16,000 unita) Absorption conting unit product cat 5 2 22 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 deduction as a negative value) Reconciliation of Valable Corting and Alisorption costic Net Operating comes Variable costing net operating income Absorption costing net operating income