$ 75 High Country, Incorporated, produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: Beginning inventory 0 Units produced 36,000 Units sold 31,000 Selling price per unit Selling and administrative expenses: Variable per unit $ 2 Fixed per month) 556,000 Manufacturing contes Direct materials cost per unit 5 17 Direct labor cost per unit Variable manufacturing overhead coat per unit Tixed manufacturing overhead cost per month) $596,000 Management is anxious to assess the profitability of the new comp cat during the month of May Required: 1. Assume that the company uses absorption costing a. Calculate the unit product cost. b. Prepare an income statement for May 2. Assume that the company uses variable costing a. Calculate the unit product cost. b. Prepare a contribution format income statement for May S1 Complete this question by entering your answers in the table below. Reg 1A Reg 10 Reg 2A Reg 28 Determine the unit product cost. Assume that the company uses absorption costing