Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows 6 Whitman Company Income Statement Sales (39,00 units 542.10 per unit) Cost of goods sold (39,000 units $22 per unit) Gross margin Selling and administrative expenses Net operating income 51.641,9ee 858,eee 783,900 448,50 $385,400 unts toos Print The company's selling and administrative expenses consist or $292,500 per year in fixed expenses and $4 per unit sold in varioble expenses. The $22 unit product cost given above is computed as follows $ 9 Direct materials Direct labor Variable manufacturing overhead dixed manufacturing overhad (5270,000 $4,400 units) Absorption costing unit product cost 3 $ 22 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 Required 1 Required 2 6 Redo the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement 30 points rences 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. (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