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4. Exercise 6-12 (Algo) Variable Costing Income Statement; Reconciliation (LO6-2, L06-3] Whitman Company has just completed its first year of operations. The company's absorption costing Income statement for the year follows can company Tacone Statut Sale (41,000 10.0 pEity 3.1,664,600 Cost of goods sold ($1.000 units -132 per unit) 102,00D Grosin 762,600 soldatsisintrative expenses 512,500 Het operating income 3350.100 The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $5 per unit sold in variable expenses. The $22 unit product cost given above is computed as follows: Direct material 10 Direct labor Variable manuten overheit mixed marine overhead (5230.000 16.000 units Absorption cooling unit product cat 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 1 Nayt Seved Hel Required 1 Required 2 4 Redo the company's income statement in the contribution format using variable costing 01547 Whitman Company Variable Costing Income Statement Sales Variable expenses Valable cost of goods sold Variable soling and administrative $ 1.064.000 0 1,664,000 Contribution margin fed expenses Food manufacturing overhead Foedseling and administrative expenso 0 Net operating income $1,004,000 How Required 2 > 4. 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 Reconde any difference between the net operating income on your variable costing income statement and the net operating Incomit on the absorption costing income statement above. (Enter any losses or deductions as a negative value) Reconciliation of Variable Costing and Absorption Costing Not Operating Income Variable couling net operating income Nadired manicure head cont deferred in Wertory under Absorption conting Absorption costing net operating income