Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statenent Sales (41,000 units - 341.10 per unit) Cost of goods sold (41,000 units $23 per unit) Cross margin selling and administrative expenses Net operating income $1.605,100 943,000 742,100 430,500 211,600 The company selling and administrative expenses consist of $307,500 per year in fixed expenses and $3 per unit sold in variable expenses. The $23 unit product cost given above is computed as follows: 3 Direct materials Direct Labor Variable manufacturing overhead Fixed manufacturing overhead ($226,000 46.000 units) Absorption coating unit product cont $23 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 Whitman Company