High Country, Incorporated, 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 Management is ancious to assess the profitablity of the new camp cot during the month of May. Required: 1. Assume that the company uses absorption costing a. Caiculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the compeny uses variable costing a. Calculate the unit product cost. b. Piepare a contribution format income statement for May. Determine the unit product cost. Assume that the company uses absorption costing. Prepare an income statement for May. Assume that the company uses absorption costing. etermine the unit product cost. Assume that the company uses variable costing. Prepare a contribution format income statement for May. Assume that the company uses variable costing