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) Manufacturing costss s 200,000 Direct materials cost per unit 20 Direct labor cost per unit Variable manufacturing overhead cost per unit Pixed manufacturing overhead cost (per month) $ 100,000 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 Req 1B Req 2A Req 2B Determine the unit product cost. Assume that the company uses absorption costing Req 1A Req1B> 1ARedi8Req 2A Req 2B Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Inc. Absorption Costing Income Statement K Req 1A Req 2A>