Beginning inventory Units produced 40, 000 Units sold 35, 000 Selling price per unit 77 Selling and administrative expenses: Variable per unit 4 Fixed (per month) $ 556,000 Manufacturing costs : Direct materials cost per unit 17 Direct labor cost per unit 8 Variable manufacturing overhead cost per unit N Fixed manufacturing overhead cost (per month) 680, 000 Management is anxious to assess the profitability of the new camp cot 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