High County, Incorporated, produces and selis 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: Management is anxious to assess the profitability of the new comp cot during the month of May. Required: 1. Assume that the compary 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. Prepare an income satement for May. Assume that the compary uses absorption costing: High Country, Incorporated, produces and sells many recreational products. The company has just opened a ne folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate of the plant's operation: 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. Determine the unit product cost. Assume that the company uses absorption costing. 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. Determine the unit product cost. Assume that the company uses variable costing. Management is anxious to assess the profitablity of the new camp cot during the month of May. Requilred: 1. Assume that the company uses ahsorption costing a. Calculate the unit product cost. b. Prepoce an income statement for May 2. Assume that the company uses vanable costing a. Calculate the unit product cost. b. Prepare a contribution format income stmement for May Complete this question by entering your ancwers in the table below. Hepere a controution format income statement for Nay. Assume that the compary uses varable costing