High Country, Incorporated, produces and sells many recreational products. The company 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:

Required:

Assume the company uses absorption costing.

a$.$ Calculate the camp cot$\text{'}$s unit product cost.

b$.$ Prepare an income statement for May.

Assume the company uses variable costing.

a$.$ Calculate the camp cot$\text{'}$s unit product cost.

b$.$ Prepare a contribution format income statement for May.