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 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 nces Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) 39,000 34,000 $ 82 $ 4 $ 556,000 $15 $ 8 $ 4 $ 741,000 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