Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: witan Company Income Statement Sales (39,000 units x 544.60 per unit) Cost of goods sold (39,000 units x 524 per unit) Gross margin Selling and administrative expenses Net operating income $ 1,739,400 936.00 893,400 48.500 $ 354,900 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and St per unit sold in variable expenses. The $24 unit product cost given above is computed as follows #11 Direct materials Direct labor Variable manufacturing overhead Fixed sanufacturing overhead (5270.000 54,000 units Absorption costing unit product cost 53 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