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ear of operations. The company's absorption costing Whitman "pany has just completed its fu income statement for the year follows: Whitman Company Income Statement Sales (40,000 units * $44.18 per unit) 1,764,800 Cost of goods sold (48,000 units * $21 per 840,000 unit) Gross margin 924,8ee Selling and administrative expenses 468,888 Niet operating income 464 , The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $21 unit product cost given above is computed as follows: Direct materials $ 10 Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($225,000 + 45,000 units) Absorption costing unit product cost $ 21 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 5 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Redo the company's e statement in the contribution format using variable cost Whitman Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold Variable selling and administratve Contribution margin 0 I Fised expenses Fixed manufacturing overhead Fixed selling and administrative expense 0 Net operating income 5 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 statem and the net operating in on the absorption costing income statemen ve Complete this question by entering your answers in the tabs below. Required 1 Required 2 ho 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 income