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 Sates (39,000 units X $43.60 per unit) Cost of goods sold (39,90 units * $22 per unit) Gross margin Setting and administrative expenses Net operating income $1,700,400 858.000 842,480 448,500 $ 393.900 Ook The company's seling and administrative expenses consist of $292,500 per year in fixed expenses and $4 per unit sold in variable expenses. The $22 unit product cost given above is computed as follows: $11 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead (5248,000 48,000 units) Absorption costing unit product cost $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 Redo the company's income statement in the contribution format using variable costing CH 6 HWA Saved 2. Reconcile any difference between the net operating income on your variable costing income stater income on the absorption costing income statement above. 6 Complete this question by entering your answers in the tabs below. Required 1 Required 2 eBook Redo the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Round Required 2 > Mc Graw Hill