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: 0 48,000 43,000 80 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses Variable per unit Fixed (per month) Manufacturing coats Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cont per unit Pixed manufacturing overhead cont (per month) $ 3 $ 556,000 $ 14 $ 10 $ 3 $912,000 Management is anxious to assess profitability of the new camp cot during the month of May. Required: 1. Assume that the company uses absorption costing. a. Calculate the unit product cost b. Prepare an income statement for May 2. Assume that the company uses variable costing. a. Calculate 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 1A Reg 18 Reg 2A Reg 28 Determine the unit product cost. Assume that the company uses absorption costing Unit product cost Req18 > 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: 0 48.000 43,000 80 $ Beginning inventory Units produced Unit. sold Selling price per unit Selling and administrative expensest Variable per unit Fixed (per month) Manufacturing costst Direct materials coat per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead coat (per month) $ $ 556,000 $ 14 10 $ 3 $ 912.000 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. Calculate the unit product cost. b. Prepare an income statement for May 2. Assume that the company uses variable costing. a. Calculate 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 LA Red Reg 2A Reg 26 Prepare an income statement for May. Assume that the company uses absorption costing High Country, Inc Absorption Conting Income Statement 0 $ 0 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: 0 48,000 43,000 80 $ Beginning inventory Units produced Unite 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 Pixed manufacturing overhead cost (per month) $ 3 $ 556,000 $ 14 $ 10 $ 3 $ 912.000 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. Calculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing, a. Calculate 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 1A Reg 16 Rech Reg 2B Determine the unit product cost. Assume that the company uses variable costing. Unit product cost 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: 0 40,000 43,000 80 Beginning inventory Unita 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 coat per unit Tixed manufacturing overhead cont (per month) $ 3 $ 556,000 $ 14 $ 10 6 3 $ 912.000 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. Calculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing. a. Calculate 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 1A Reg 10 Red 2A Reg 28 Prepare a contribution format Income statement for Nay. Assume that the company uses variable costina. High Country, Inc. Variable Couting Income Statement 0