High Cocintry, Incorporated, produces and sells mony recrestional pioducts, The company has just opened a new plont to produce a folding camp cot that wil be maketed throughout the Unted States. The foliowing cost and revenue data relate fo Moy, the first mienth of the plant's operation Management is anxious to assess the profitablity 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 stmement for Mary 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. Deternine the unit product cost. Assume that the company uses absorption costing. creve pants operation Mequired. 1. Astume that the compory uses atnarotion casting a. Celculate eve unit product cont b. Propare an income statement for May. 2. Aswume that the comporr use i variatle casing a. Calculate the unt product cost. b. Frepove o cortubution format income sotement for Mey. Complate this questipa ty enterleg peur enswers in the table belaw. Mansgernent is anvious to assens the probtabify of the newr cams cot during the month of Myy. Aecuired: 1. Assume that the compary Lses absorpion costing a. Colculnte the unit preduct cost b. Picparo an income statoment for Moy. 2. Aswume that the compsny uses werlable costing. a. Calculate the uns product cost. b. Pricpare a contribution formas income statemert for Myy. Comptete this question by entecing your asswern in the table belowi Presare a contribution format income statement for Mix. Assume that the compary uses variable casting