Whitman Company has just completed its first year of operatlons. The company's absorption costing Income statement for the year follows thit man Company Income statement Sales (41,8 units x $4.69 per unit) Cost of gods sold (41,88e units $23 per unit) Gross Targin Selling and administratiue expenses Net operating income 1,664,E80 943,8EE 721,883 471,5EE $25,180 The company's sellilng and administrative expenses consist of $307,500 per year In fixed expenses and $4 per unit sold In varlable expenses. The $23 unit product cost glven above ls computed as follows Direct materials Direct labor variable manufacturing overhead Fixed manufacturing ouerhead ($318,53, Absorption costing unit product cost $ 11 units) $ 23 Requlrec 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 varlable costing Income statement and the net operating Income on the absorptlon costing Income statement above