Whitman Company has just completed its first year of operations. The companys absorption costing income statement for the year follows: Whitman Company Income Statement Sales (38,000 units $45.10 per unit) $ 1,713,800 Cost of goods sold (38,000 units $23 per unit) 874,000 Gross margin 839,800 Selling and administrative expenses 399,000 Net operating income $ 440,800 The companys selling and administrative expenses consist of $285,000 per year in fixed expenses and $3 per unit sold in variable expenses. The $23 unit product cost given above is computed as follows: Direct materials $ 11 Direct labor 4 Variable manufacturing overhead 2 Fixed manufacturing overhead ($330,000 55,000 units) 6 Absorption costing unit product cost $ 23 Required: Redo the c