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 (41,000 units $42.60 per unit) Cost of goods sold (41,800 units x $28 per unit) Gross margin Selling and administrative expenses Net operating income $1,746,600 820,088 926,600 430,500 496,100 points 04:05:47 The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $3 per unit sold in variable expenses. The $20 unit product cost given above is computed as follows eBook Hint Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($212,800 + 53,800 units) Absorption costing unit product cost 10 $ 20 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