Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows uhitean Company Income Statent Sales (41,000 units 342.60 per unit) Cost of goods sold (41,000 units $21 per unit) Grossi Selling and administrative expenses Net operating income 31,746,600 861,000 Bas, 600 471,5 414,100 The company's selling and administrative expenses consist of $307,500 per year in fived expenses and S4 per unit sold in variable expenses. The $21 unit product cost given above is computed as follows: 320 Direct materials Direct labor Variable sanufacturing overhead Fixed-manufacturing overhead (5345.000 49.000 units) Absorption costing unit product cost 521 Required: 1. Redo the company's income statement in the contribution format using vanable 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 2 Required 1 Required 2 Redo the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Required 2 > 3 5 Variable manufacturing overhead Fixed manufacturing overhead ($245, eee + 49,000 units) Absorption costing unit product cost $ 21 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 an Income on the absorption costing Income statement above. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Reconcile any difference between the net operating income on your variable costing income statement and the net income on the absorption costing income statement above. (Enter any losses or deductions as a negative value.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income Absorption costing net operating income Required 1