Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below. Whitman Company Income S $1,523,800 Sales (38,000 units x $40.10 per unit) Cost of goods sold (38,000 units x S24 per unit 912,000 611,800 Gross margin Selling and administrative expenses 437,000 Net operating income 174,800 The company's selling and administrative expenses consist of$285,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $24 per unit product cost given above is computed as Direct materials, $11 Variable manufacturing overhead Fixed manufacturing overhead (S270,000 54,000 units) 5 Absorption costing unit product cost $24 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Variable expenses