High Country, Inc.. produces and sells many recreational products. The company hasjust 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 $79 Selling and administrative expenses: Variable per unit $4 Fixed (per month) $570,000 Manufacturing costs: Direct materials cost per unit $16 Direct labor cost per unit $7 Variable manufacturing overhead cost per unit $1 Fixed manufacturing overhead cost (per month) $660,000 [ 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. :I \f2. Assume that the company uses variable costing. a. Determine the unit product cost. b. Prepare a contribution format income statement for May. Variable expenses: Fixed expenses