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 (48,80e units $44.1 per unit) Cost of goods sold (48,880 units $2e per unit) Gross margin Selling and administrative expenses Net operating income $1,764,800 88e,888 964,888 428,888 $544,8e8 The company's selling and administrative expenses consist of $300,000 per year In fixed expenses and $3 per unit sold In varlable expenses. The $20 unit product cost glven above Is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($248,86e48,88 units) Absorption costing unit product cost $ 18 s 20 Required 1. Redo the company's Income statement In the contribution format using varlable 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