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 50,000 45,000 76 Book $ Pant Beginning inventory Units produced Units sold Selling price per unit Selling and adhinistrative 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) $ 2 $ 561,000 Terences $ 14 $ 10 1 1 $ 300,000 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. Calculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing. a. Calculate the unit product cost. b. Prepare a contribution format income statement for May Complete this question by entering your answers in the table below. Management is anxious to assess the profitability of the new camp cot during the m- Required: 1. Assume that the company uses absorption costing. a. Calculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing. a. Calculate the unit product cost. b. Prepare a contribution format income statement for May. K t nces Complete this question by entering your answers in the table below. Req 1A Reg 1B Req 2A Req 2B Determine the unit product cost. Assume that the company uses absorption costing. Unit product cost Pe! WITLI Uvu, VUU 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. Calculate the unit product cost. b. Prepare an income statement for May 2. Assume that the company uses variable costing. a. Calculate the unit product cost. b. Prepare a contribution format income statement for May. ces Complete this question by entering your answers in the table below. Req 1A Req 1B Req 2A Req 2B Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Inc. Absorption Costing Income Statement Prey 1 of 4 Next cot during the month of May. Required: 1. Assume that the company uses absorption costing. a. Calculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing. a. Calculate 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 2B ho Determine the unit product cost. Assume that the company uses variable costing. Unit product cost 1252Fms.mheducation.com%252Fmgh 6 Homework Saved Req 1A Reg 1B Req 2A Req 28 Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Inc. Variable Costing Income Statement