Beginning inventory 0 ced tnits eld Selling price per unit 79 trative expenses: Variable ner unit 3 Fixed (per month) S555,000 nirect atendls cost per unit 18 Direct labor cost per unit Fixed manufacturing overbead coat iner nOnth 810,000 assess the profitability Management is anxious the new camp cot during the month May Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. b. Prepare an income statement for May. variable costing. a. Determine the unit product cost b. Prepare a contribution format income statement for May. Answer is not complete. Complete this question by entering your answers in the table below. Req 1A Req 1B Req 2A Reg 2B Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Inc. Absorption Costing Income Statement Sales 3.160.000 Cost of goods sold Gross margin Selling and administrative expenses Net operating income 3,160,00a 160.000 High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding mn 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 Units produced 45,000 Units sold 40,000 S 79 Sel1ing and administrative expenses: Variable per unit Fixed (per month) Manufacturing costs: 3 555,000 unit Cost Direct 1abor ceat Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) S 810,000 anxious to assess the profitability of the new camp cot during the month of May. Management Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost b. Prepare an income statement for May. 2. Assume that the company uses variable costing. a. Determine the unit product cost b. Prepare contribution format income statement for May. Answer is not complete. Complete this question by entering your answers in the table below. Req 1A Reg 2A Reg 2B Req 1B Determine the unit product cost. Assume that the company uses variable costing. Unit product cost Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing. a. Determine the unit product cost. b. Prepare a contribution format income statement for May. Answer is not complete. Complete this question by entering your answers in the table below. Req 1A Req 1B Req 2A Req 2B Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Inc. Variable Costing Income Statement 0 0 0 0