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2 High Country, Inc. 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 35,000 30,000 3 5 500 Beginning inventory Units produced Units sold Selling price per unit Selling and adeinistrative expenses Variable per unit Fixed (per month) Manufacturing costs Direct waterials cost per unit Direct labor cost per unit Variable sanufacturing overhead cost per unit Fixed manufacturing overhead cost per month $ $557.000 Print 15 3 2 5 560,000 ferences 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. Determine the unit product cost. b. Prepare an income statement for May 2 Assume that the company uses variable costing a. Determine 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 10 Reg 24 Reg 20 Determine the unit product cost. Assume that the company uses absorption costing. Reg 10 > aw 11 2 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. Determine the unit product cost b. Prepare an income statement for May 2 Assume that the company uses variable costing a Determine the unit product cost b. Prepare a contribution format income statement for May. onts Book Complete this question by entering your answers in the table below. Print Reg 1 Reg 15 Reg 2A Reg 28 References Prepare an income statement for May. Assume that the company uses absorption costing. High Country, Inc Absorption Costing Income Statement Sales Cost of goods sold Gross margin Seling and administrative expenses Net operating income 5 0 0 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 Determine the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing a. Determine 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 1B Reg 2A Req 2B Determine the unit product cost. Assume that the company uses variable costing. Unit product cost