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 sol Selling price per unit Selling and administrative expenses 10,000 8,000 $75 Variable per unit Fixed per month 56 $200,000 Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost per month $20 S8 $2 $100,000 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 product cost b. Prepare an income statement for May High Country, Inc., Absorption Costing Income Statement 0:58 2017