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 0 Units produced 44,000 Units sold 39,000 Selling price per unit $78 Selling and administrative expenses: Variable per unit $2 Fixed per month $ 562,000 Manufacturing costs: Direct materials cost per unit $15 Direct labor cost per unit $7 Variable manufacturing overhead cost per unit $2 Fixed manufacturing overhead cost per month $748,000 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: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. Units product cost b. Prepare an income statement for May