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 (42,000 units × $44.10 per unit) $ 1,852,200 cost of goods sold (42,000 units × $24 per unit) 1,008,000 gross margin 844,200 selling and administrative expenses 483,000 net operating income $ 361,200 the company’s selling and administrative expenses consist of $315,000 per year in fixed expenses and $4 per unit sold in variable expenses. the $24 per unit product cost given above is computed as follows: direct materials $ 10 direct labor 5 variable manufacturing overhead 3 fixed manufacturing overhead ($288,000 ÷ 48,000 units) 6 absorption costing unit product cost $ 24 required: 1. prepare the company’s income statement in the contribution format using variable costing.