High Country, Inc. produces and sells many recreational products. The company has just opened a new plant to produce folding comp cot that will be marketed throughout the United States. The following cost and revenue data relate to Mwy. the first month of the plants operation thenin Inventory tits produced Units sold Selling price per unit Selling and administrative expenses Variable per unit Fixed per month Manufacturing costs Direct saterials cost per unit Direct labor cost per unit Variable manufacturing overhead coat per unit Pixed manufacturing overhead cont per month 3 562,000 5 16 $ 6 5 6-752,000 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. Reg 1 Reg 1B Reg 2 Reg 28 Prepare a contribution format income statement for May. Assume that the company uses variable costing, High Country, Inc. Variable Costing Income Statement Sales $ 3,275,000 Variable expenses Indirect materials Indirect labor 0 3.276,000 0 $ 3,276,000 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: 47,000 42.000 78 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 coat (per month) $ $ 562,000 $ 26 $ $ 3 $ 752,000 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 13 Reg 2A Reg 28 Prepare a contribution format income statement for May. Assume that the company uses variable costing High Country, Inc. Variable Costing Income Statement Sales $ 3.276.000 Variable experts Indirect materiais Indirect labor 3.275,000 0 $ 3.276.000 High Country, Inc. produces and sells many recreational products. The company has just opened a new plant to produce folding comp cot that will be marketed throughout the United States. The following cost and revenue data relate to Mwy. the first month of the plants operation thenin Inventory tits produced Units sold Selling price per unit Selling and administrative expenses Variable per unit Fixed per month Manufacturing costs Direct saterials cost per unit Direct labor cost per unit Variable manufacturing overhead coat per unit Pixed manufacturing overhead cont per month 3 562,000 5 16 $ 6 5 6-752,000 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. Reg 1 Reg 1B Reg 2 Reg 28 Prepare a contribution format income statement for May. Assume that the company uses variable costing, High Country, Inc. Variable Costing Income Statement Sales $ 3,275,000 Variable expenses Indirect materials Indirect labor 0 3.276,000 0 $ 3,276,000 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: 47,000 42.000 78 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 coat (per month) $ $ 562,000 $ 26 $ $ 3 $ 752,000 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 13 Reg 2A Reg 28 Prepare a contribution format income statement for May. Assume that the company uses variable costing High Country, Inc. Variable Costing Income Statement Sales $ 3.276.000 Variable experts Indirect materiais Indirect labor 3.275,000 0 $ 3.276.000