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 mor of the plant's operation:Management is anxious to assess the profitability of the new camp cot during the month of May.Required:

Assume that the company uses absorption costing.

a$.$ Calculate the unit product cost.

b$.$ Prepare an income statement for May.

Assume that the company uses variable costing.

a$.$ Calculate the unit product cost

b$.$ Prepare a contribution format income statement for May.

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