Please answer this question thank you. Prepare income statement.

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 (40,000 units x $42.10 per unit) $ 1,684,000 Cost of goods sold (40,000 units x $24 per unit) 960,000 Gross margin 724,000 Selling and administrative expenses 500,000 Net operating income $ 224,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $5 per unit sold in variable expenses. The $24 per unit product cost given above is computed as follows: Direct materials $ 10 Direct labor 4 Variable manufacturing overhead 4 Fixed manufacturing overhead ($276,000 + 46,000 units) Absorption costing unit product cost $ 24 Required: 1. Prepare the company's income statement in the contribution format using variable costing