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: het Deginning inventory 0 Units produced 36.000 Units sold 31,000 Selling price per unit $ 79 Solling and administrative expenses Variable per unit $.4 Fixed per month) 560,000 Manufacturing contes Direct materials cont per unit 14 Direct labor cost per unit Variable manufacturing overhead cont per unit $ 2 Tixed manufacturing overhead cont (per month) 720,000 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