High Country, Inc., produces and sells many recreational products. The company has just opened 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: 41,eee 36,00 81 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (per month) Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) 4 $ 562,000 $ $ $ 16 8 2. $ 738, eee Management is anxious to assess the profitability of the new camp cot during the month of May. Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. b. Prepare an Income statement for May. 2. Assume that the company uses variable costing. a. Determine the unit product cost. b. Prepare a contribution format Income statement for May. Complete this question by entering your answers in the table below. Reg 1 Reg 1B Reg 2A Reg 28 Determine the unit product cost. Assume that the company uses absorption costing. Unit product cost 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: 41,eee 36,00 81 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (per month) Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) $ 4 $ 562,eee $ 16 $ $ 2. $ 738,000 Management is anxious to assess the profitability of the new camp cot during the month of May. Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. b. Prepare an Income statement for May. 2. Assume that the company uses variable costing. a. Determine the unit product cost. b. Prepare a contribution format Income statement for May. Complete this question by entering your answers in the table below. Req 1A Reg 1B Req 2A Req 23 Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Inc. Absorption Costing Income Statement 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: 41.000 36,eee 81 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses Variable per unit Fixed (per month) Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) $ $ 562.ee 16 $ $ $ $ 738,000 Management is anxious to assess the profitability of the new camp cot during the month of May. Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. b. Prepare an Income statement for May. 2. Assume that the company uses variable costing. a. Determine the unit product cost. b. Prepare a contribution format Income statement for May. Complete this question by entering your answers in the table below. Req 1A Reg 1B Red 2A Req 2B Determine the unit product cost. Assume that the company uses variable costing. Unit product cost Req 1B Req 2B> High Country, Inc. produces and sells many recreational products. The company has just opened a new plant to produce sfolding camp cot that will be marketed throughout the United States. The following cost and revenue dste relate to May, the first month of the plant's operation: 36,00 81 Beginning inventory units produced units sold Selling price per unit Selling and adiinistrative expenses: Variable per unit Fixed per month) Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable snufacturing Overhead cost per unit Fixed manufacturing overhead cost (per month) $ 738. Management is anxious to assess the profitability of the new camp cat during the month of May Required: 1. Assume that the company uses absorption costing a. Determine the unit product cost b. Prepare an income statement for May. 2 Assume that the company uses variable costing a. Determine the unit product cost b. Prepare a contribution format income statement for May Complete this question by entering your answers in the table below. RIA Prepare a contribution format income statement for May. Assume that the company uses variable casting. High Country, Inc. Variable Costing Income Statement