Explanation of Difference in Net Operating Income (L06-1, L06-2, L06-3] High Country, Inc. 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: 0 46,000 41,000 83 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (per month) Manufacturing costs Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) $ 3 $ 563.000 $ 15 $ 9 $ 2 $ 874,000 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. Complete this question by entering your answers in the table below. Red IA Reg 10 Reg 2A Reg 28 Determine the unit product cost. Assume that the company uses absorption costing Unit plut cost Hau Req 18 ) Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Inc. Absorption Costing Income Statement Req 1A Reg 1B Req 2A Req 2B Determine the unit product cost. Assume that the company uses variable costing. Unit product cost Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Inc. Variable Costing Income Statement +