High Country, Incorporated, produces and sells many recreational products. The company 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: Required: 1. Assume the company uses absorption costing. a. Calculate the camp cot's unit product cost. b. Prepare an income statement for May. 2. Assume the company uses variable costing. a. Calculate the camp cot's unit product cost. b. Prepare a contribution format income statement for May. Prepare an income statement for May. Assume the company uses absorption costing Prepare a contribution format income statement for May. Assume the company uses variable costing. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ High Country, Incorporated } \\ \hline & \multicolumn{2}{|l|}{ Variable Costing Income Statement } \\ \hline & & \\ \hline & & \\ \hline & 7 & \\ \hline & & \\ \hline & & \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & 0 \\ \hline & & $ \\ \hline \end{tabular} Determine the camp cot's unit product cost. Assume the company uses variable costing. Determine the camp cot's unit product cost. Assume the company uses absorption costing