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Whitmen Company has just completed its first year of operstions. The compeny's absorption costing income statement for the yea follows: The company's selling and sdminiatrative expenses consist of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $25 unit product cost given above is computed ss follows: Required: 1. Redo the compsny'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. Redo the company's income statement in the contribution format using variable costing. Exerclse 6-12 (Algo) Varlable Costling Income Statement; Reconclllation [LO6-2, LO6-3] Whitman Company has just completed its first year of operations. The compony's sbsorption costing income statement for the year follows: The compony's selling and sdminiatrative expenses consist of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $25 unit product cost given above is computed as follows: Required: 1. Redo the compony'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. 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.)