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: Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: 0 42,000 37,000 $78 Variable per unit Fixed per month $3 $560,000 Manufacturing costs: $15 Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost per month $1 $756,000 Management is anxious to see how profitable the new camp cot will be and has asked that an income statement be prepared for May. Required . Assume that the company uses absorption costing a. Determine the unit product cost. it product cost b. Prepare an income statement for May High Country, Inc. Absorption Costing Income Statement