Coverall Inc. produces and sells a unique type of case for a standard-size tablet computer that is guaranteed waterproof but still allows for regular functionality of the tablet. The company has just opened a new plant to manufacture these cases, and the following cost and revenue data have been provided for the first month of the plant's operation in the form of a worksheet: $ Beginning inventory Units produced Units sold Selling price per unit 0 40,000 25,000 96 $ $ 10 $ 750,000 Selling and administrative expenses: Variable per unit Fixed (total) Manufacturing costs: Direct materials cost per unit Direct labour cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (total) $ 17 $ 12 $ 5 $1,200,000 Since the new case is unique in design, management is anxious to see how profitable it will be and has asked that an income statement be prepared for the month. Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. Unit product cost $ 64 b. Prepare an income statement for the month. (Do not leave any empty spaces; input a O wherever it is required.) Sales $ 2,400,000 0 Cost of goods sold: Beginning inventory Add: Cost of goods manufactured Goods available for sale Less: Ending inventory Gross margin Selling and administrative expenses Operating income 0 2,400,000 $ 2,400,000 2. Assume that the company uses variable costing. a. Determine the unit product cost. Unit product cost $ 34 b. Prepare a contribution format income statement for the month. (Do not leave any empty spaces; input a O wherever it is required.) $ 2,400,000 $ 0 Sales Variable expenses Variable cost of goods sold: Beginning inventory Add: Variable manufacturing costs Goods available for sale Less: Ending inventory Variable cost of goods sold Variable selling expense 1,360,000 1,360,000 1,360,000 1,360,000 1,360,000 5 1,360,000 1,040,000 Less: Ending inventory Variable cost of goods sold Variable selling expense Contribution margin Fixed expenses Fixed manufacturing overhead Fixed selling and administrative expense Operating income 0 $ 1,040,000 3. This part of the question is not part of your Connect assignment