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: Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses 10, 000 8, 000 75 Variable per unit Fixed (per month) $200, 000 Manufacturing costs Direct materials cost per unit Direct labor cost per unit Variable manufactuing overhead cost per unit Fixed manufacturing overhead cost (per month) 20 $100, 000 Management is anxlous to assess the profitabillity 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 varlable costing a. Determine the unit product cost. b. Prepare a contribution format Income statement for May