Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below V an Company Income Statement Sales 42.000 units X $42.10 per unit $ 1,788 200 Cost of goods sold (42.000 units X $22 per unit) Gross margin 300 Seling and administrative expenses 441.000 Net operating income 400 200 The company's selling and administrative expenses consist of $315,000 per year in fredexpenses and 53 per un sold in variable expenses. The 522 per unit productos given above is computed as follows: Direct materials Direct labor Variable manufacturing overhead Foad manufacturing overhead (5324000 54000 Absorption costing unit product cost Required: 1. Prepare the company's income statement in the contribution format using variable costing Whitman Company Variable Costing Income Statement Variable expenses 2. Reconcle difference between the net operating income on your variable costing income atment and the net operating income on the absorption costing income s ement Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes losses) Variable costing net operating income ) Absorption costing net operating income ( 1)