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 plants operation: Beginning inventory 0 Units produced 46,000 Units sold 41,000 Selling price per unit $76 Selling and administrative expenses: Variable per unit $4 Fixed per month $ 568,000 Manufacturing costs: Direct materials cost per unit $15 Direct labor cost per unit $8 Variable manufacturing overhead cost per unit $1 Fixed manufacturing overhead cost per month $ 782,000 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.