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please explain this step by step ans show formulas High Country, Incorporated, produces and selts many recreanional products. The company has just opened a new

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High Country, Incorporated, produces and selts many recreanional products. The company has just opened a new plant to produce a folding camp cot that will be manketed throughout the United States. The following cost and revenue data relate to May, the first month of the plants operation: Manogement is anvious to assess the profitability of the new camp cot during the month of May. Required: 1 Acsume that the compony uses absorption costing. a Calcuiate the unt product cost. b. Prepare an income statement for May. 2 Assume that the compony uses variable cosung a. Caiculate the unn product cost. b. Prepare a contrbution format income statement for May. Complete this gurstion by entering your answers in the table below. Determine the unit produdt cost, Assume that the company uses absorption costing. 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 untt 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 statement for May Assume that the company uses absorption costing- Management is anxious to assess the profitability of the new camp cot during the month of May. Requlred: 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 compony 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. 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. Prepare a contribution format income statement for May, Assume that the company uses variable costing

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