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 plants operation:

Beginning inventory		0
Units produced		43,000
Units sold		38,000
Selling price per unit		$81
Selling and administrative expenses:
Variable per unit		$4
Fixed (per month)	$	566,000
Manufacturing costs:
Direct materials cost per unit		$18
Direct labor cost per unit		$7
Variable manufacturing overhead cost per unit		$3
Fixed manufacturing overhead cost (per month)	$	817,000

Management is anxious to see how profitable the new camp cot will be and has asked that an income statement be prepared for May.