07 2 Exercise 6-12 (Algo) Variable Costing Income Statement; Reconciliation [LO6-2, LO6-3] Whitman Company has just completed its fest year of operations. The company's absorption costing income statement for the year follow poms Sales (10,000 units $45.00 per indt) Coss of goals site tab,dop units 22 per unity Selling sed administrative expenses eBook Het rating Incone $1,200,00 142,400 400,200 5412,100 Ra The company's selling and administrative expenses consist of $292.500 per year in fixed expenses and $3 per unit sold in vanable expenses The $22 unit product cost given above is computed as follows Dirst materials Dire Var Lable manufacturing overhead anufacturing verhead (3200,900 52,000 units) Arption costing unit product st Required 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. Complete this question by entering your answers in the tabs below. Required Required 2 Redo the company's income statement in the contribution format uning variable costing Whitman Company Variable Costing Income Statement 2 of 16 Next > Homework #5 07 pom 2 Exercise 6-12 (Algo) Variable Costing Income Statement; Reconciliation [LO6-2, LO6-3] Whitman Company has just completed its fest year of operations. The company's absorption costing income statement for the year follows Sales (39,000 units 343.60 per unit), cost of goods sold (39,000 units Gross margin hitman Company Income Statement $22 per unit) $1,700,400. 58,000 842,400 $432,000 Selling and administrative expenses Het operating inco ebook References The company's selling and administrative expenses consist of $292.500 per year in fixed expenses and $3 per unit sold in variable expenses. The $22 unit product cost given above is computed as follows Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($200,000 $2,000 units) absorption costing unit product cost 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. Complete this question by entering your answers in the tabs below. Required 1 Required 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. (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 inco