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: Beginning inventory Units produced 35,000 Units sold 30,000 Selling price per unit $ 80 Selling and administrative expenses: Variable per unit $ 3 Fixed (per month) $ 559,000 Manufacturing costs: Direct materials cost per unit $ 15 Direct labor cost per unit Variable manufacturing overhead cost per unit $ 2 Fixed manufacturing overhead cost (per month) $ 525,000 Management is anxious to assess the profitability of the new camp cot during the month of May. $ 9 Required: 1. Assume that the company uses absorption cosing. 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 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. Req 1A Reg 1B Req 2A Req 28 Determine the unit product cost. Assume that the company uses absorption costing. Unit product cost 65 Reg 1A Reg 1B > Complete this question by entering your answers in the table below. Req 1A Req 18 Req ZA Reg 2B Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Incorporated Absorption Coating Income Statement Sales $ 2,400,000 Cost of goods sold Gross margin 2,400,000 + Selling and administrative expenses Net operating income 2,400,000 Complete this question by entering your answers in the table below. Req 1A Req 18 Req 2A Req 28 Determine the unit product cost. Assume that the company uses variable costing. Unit product cost Req 1A Reg 1B Req 2A Req 2B Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Incorporated Variable Costing Income Statement 0 0 0