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 47.000 Units sold 42,000 Selling price per unit 5.81 Selling and administrative expenses: Variable per unit $4 Fixed (per month $ 567,000 Manufacturing costs Direct materials cost per unit $14 Direct labor cost per unit 56 Variable manufacturing overhead cost per unit 5.1 Exed manufacturing overhead cost per month 5752,000 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. Reg 1A Reg 18 Reg 2A Reg 20 Prepare an income statement for May. Assume that the company uses absorption costing High Country. Incorporated Absorption Costing Income Statement Direct material Direct labor 650.000 282.000 376.000 47 000 Naubis manufacturing overhead Proy 367 Next >