Whitman Company has just completed its first year of operations. The company's absorption costing Income statement for the year ollows: The company's selling and adminlstrative expenses consist of $307,500 per year In fixed expenses and $4 per unIt sold In varlable expenses. The $22 unit product cost given above is computed as follows: Required: Redo the company's Income statement In the contribution format using varlable costing. 2. Reconcle any difference between the net operating Income on your varlable costing Income statement and the net operating ncome on the absorption costing Income statement above