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) Direct materials cost per unit Manufacturing costs: Direct labor cost per unit nt Fixed manufacturing overhead cost (per month) Variable manufacturing overhead cost per unit 0 48,000 43,000 $83 $2 $ 561,000 $14 $ 10 $1 $960,000 Management is anxious to assess the profitability of the new camp cot during the month of May. nces 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 Req 16 Req 2A Req 28 Determine the unit product cost. Assume that the company uses absorption costing. Unit product cost Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Incorporated Absorption Costing Income Statement < Req 1A Req 2A > Req 1A Req 1B Req 2A Req 2B Determine the unit product cost. Assume that the company uses variable costing. Unit product cost < Req 1B Req 2B > Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Incorporated Variable Costing Income Statement