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EXERCISE 4-12 Varlable Costing Income Statement; Reconclilation [15 LO 4-2, 4-3 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 $210,000 per year in fxed expenses and \$2 per unit sold in variable expenses. The $16 unit product cost given above is computed as follows: Required: Paet 205 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