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 (39,000 unite $44.10 per unit) Cost of goods sold (39,000 units $21 per unit) Gross margin Selling and administrative expenses Net operating income 51,719,900 019,000 900,900 409,500 $493,400 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $3 per unit sold in variable expenses. The $21 unit product cost given above is computed as follows: Direct materials $ 10 Direct labor Variable manufacturing overhead Fixed nanofacturing overhead ($200,000 50,000) $ 21 Absorption costing unit product cost 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. Aquired 1 Required 2 tusing variable costing