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 42,000 37,000 81 5 Beginning inventory Units 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 cost per unit Fixed manufacturing overhead cost (per month) 5.558,000 $ 14 $ 5 $2.256,000 Management is anxious to assess the profitability of the new camp cat 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 companyutes variable costing Determine the unit productos b. Prepore a contribution format income statement for May Complete this question by entering your answers in the table below