Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below: Whitman Company Income Statement Sales (41,000 units x $43.60 per unit) Cost of goods sold (41,000 units x $24 per unit) $1,787,600 984,000 Gross margin Selling and administrative expenses 803,600 471,500 Net operating income $ 332,100 The company's selling and administrative expenses consist of $307,500 per year in fixed expensesa per unit sold in variable expenses. The $24 per unit product cost given above is computed as follows $ 10 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($276,000 46,000 units) 6 Absorption costing unit product cost $24 Required: 1. Prepare the company's income statement in the contribution format using variable costing