PLEASE FILL THE BOXES WITH THE CORRECT ANSWER, DO NOT JUST EXPLAIN BUT ILLUSTRATE HOW THE TABLE SHOULD LOOK LIKE, PLEASE MAKE SURE THE FINAL ANSWERS ARE IN BOLD

Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $4 per unit sold in variable expenses. The $24 unit product cost given above is computed as follows: 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. Redo the company's income statement in the contribution format using variable costing. 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. Note: Enter any losses or deductions as a negative value