Please do not give solution in image format thanku Required 1 Required 2Redo the company's income statement in the contribution format using variable costing.Whitman CompanyVariable Costing Income StatementRequired fRequired 1 Required 2$Direct materials.Direct laborVariable manufacturing overheadFixed manufacturing overhead ($276,000 46,000 units)Absorption costing unit product cost00Variable costing net operating income0Absorption costing net operating incomeRequired 2 >Required:1. Redo the company's income statement in the contribution format using variable costing.2. Reconcile any difference between the net operating income on your variable costing income statement and the net operatingincome on the absorption costing income statement above.Complete this question by entering your answers in the tabs below.$ 105< Required 1$ 24Reconcile any difference between the net operating income on your variable costing income statement and the net operatingincome 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 IncomesRequired 2 > Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the yearfollows:Whitman CompanyIncome StatementSales (41,000 units x $41.10 per unit)Cost of goods sold (41,000 units $24 per unit)Gross marginSelling and administrative expensesNet operating income$ 1,685,100984,000701,100471,500$ 229,600The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $4 per unit sold in variableexpenses. The $24 unit product cost given above is computed as follows:Direct materialsDirect laborVariable manufacturing overheadFixed manufacturing overhead ($276,000 46,000 units)Absorption costing unit product cont$105$24Required: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 operatingincome on the absorption costing income statement above.Complete this question by entering your answers in the tabs below.

calculation of net operating income under variable costing system and reconciliation between…

Direct materials Direct labor I Variable manufacturing overhead Fixed manufacturing overhead ($276,000 46,000 units) Absorption costing unit product cost $ 10 3 6 $ 24 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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. 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.)

Direct materials Direct labor I Variable manufacturing overhead Fixed manufacturing overhead ($276,000 46,000 units) Absorption costing unit product cost $ 10 3 6 $ 24 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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. 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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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