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:

Beginning inventory $0$

Units produced $47,000$

Units sold $42,000$

Selling price per unit $ $79$

Selling and administrative expenses:

Variable per unit $ $4$

Fixed $($per month$)$ $ $558,000$

Manufacturing costs:

Direct materials cost per unit $ $17$

Direct labor cost per unit $ $7$

Variable manufacturing overhead cost per unit $ $1$

Fixed manufacturing overhead cost $($per month$)$ $ $752,000$

Required:

Assume the company uses absorption costing.

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

Prepare an income statement for May.

Assume the company uses variable costing.

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

Prepare a contribution format income statement for May.