Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows:

The company's selling and administrative expenses consist of $\backslash (\backslash$$ $292,500\backslash )$ per year in fixed expenses and $\backslash (\backslash$$ $3\backslash )$ per unit sold in variable expenses. The $\backslash (\backslash$$ $21\backslash )$ unit product cost given above is computed as follows:

Required: $\backslash (\backslash$square $\backslash )$

$1.$ 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.

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Required $2$

Redo the company's income statement in the contribution format using variable costing.