{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T21:13:19-04:00", "answer_date": "2024-05-26 21:13:19", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1761055", "url": "\/study-help\/questions\/high-country-incorporated-produces-and-sells-many-recreational-products-the-1761055", "question_creation_date_js": "2024-05-26T21:13:19-04:00", "question_creation_date": "May 26, 2024 09:13 PM", "meta_title": "[Solved] High Country, Incorporated, produces and | SolutionInn", "meta_description": "Answer of - High Country, Incorporated, produces and sells many recreational products. The company has just opened a new plant to | SolutionInn", "meta_keywords": "high,country,incorporated,produces,sells,recreational,products,company,opened,new,plant,produce", "question_title_h1": " High Country, Incorporated, produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that", "question_title": " High Country, Incorporated, produces and sells many recreational products. The company", "question_title_for_js_snippet": "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 Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) 0 41,000 36,000 $ 83 $ 2 $ 557,000 $ 16 $ 8 $ 2 $ 820,000 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 Complete this question by entering your answers in the table below Req 1A Req 1B Req 2A Req 2B Determine the unit product cost Assume that the company uses absorption costing Unit product cost Req 1A Req 1B ", "question_description": "\"image\"image\"image\"image", "transcribed_text": "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 Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) 0 41,000 36,000 $ 83 $ 2 $ 557,000 $ 16 $ 8 $ 2 $ 820,000 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. Complete this question by entering your answers in the table below. Req 1A Req 1B Req 2A Req 2B Determine the unit product cost. Assume that the company uses absorption costing. Unit product cost < Req 1A Req 1B >", "related_book": { "title": "Managerial Accounting Tools for business decision making", "isbn": "470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144", "edition": "5th edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/144.jpg", "uri": "\/textbooks\/managerial-accounting-tools-for-business-decision-making-5th-edition-144", "see_more_uri": "" }, "free_related_book": { "isbn": "179361556X", "uri": "\/textbooks\/women-and-tourist-work-in-jamaica-seven-miles-of-sandy-beach-1st-edition-9781793615565-133087", "name": "Women And Tourist Work In Jamaica Seven Miles Of Sandy Beach", "edition": "1st Edition" }, "question_posted": "2024-05-26 21:13:19", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/assume-the-following-for-the-howard-saks-firm-actual-earnings-538629", "description": "Assume the following for the Howard Saks firm: Actual earnings of $28,000, beginning book value of $250,000, ending book value of $350,000, cost of capital of 6%. 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