High Country, incorpototed, produces and selis many fecreational products. The company has just oponed a new olant to produce a folding camp cot that wirbe marketed throughout the United Stoles. The following cost and revenue data relate to May, the frst month of the plants operation. Management is anxious to assess the profitablity of the new camp cot during the month of Moy Required: 1. Assume that the company uses absorption costing: a. Colcinte the a. Colculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variablo 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. Determine the unit product cost, Assume that the corrpany uses absorption costing. Hioh Country, Incorporated, produces and sels imary tecreational products. The compary has just opened a new plsit to produce a folding camp cot that wil be marketed throughour the Unted Stater. The following cost and revenue data relate to May, the fint month ot the planes opcraton Manogement is aruilous to assess the profitability of the new camp cot during the month of Moy. Bequired: t. Assume that the company uses alforption costing- a. Colculate the unit product cost. b. Prepare an income statement for May. 2. Assime that the company uses variable costing a. Calculate the unit product cost. b. Prepare a contibution format income statement for May Complete this question by entering your answers in the table below. Determine the unit product cont. Assume inst the comeam user vartable cosung: Required: 1. Assumin that the company uses absorption costing. a. Calculate the unit product cest. b. Prepare an income stalement for May. 2. Assume that the compsny uses variable costing a. Coletiste the unit product cort. b. Prepure a contribution format income stasement for May Complete this question by entering vour anwwers in the table below. Prepare an income statement for May. Asume that the company vies absorption conting a. Calculate the unit product cost. b. Prepares contribution format income statement for May. Complete this question by entering your answers in the table below. Prepare a contribution format income statement for May. Assume that the company uses variable costing