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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: 0 37,000 32,000 75 $ Beginning inventory Units produced Units sold Selling price per unit Selling and administrative expenses: Variable per unit Fixed (per month) Manufacturing costs Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead coat (per month) $ 2 $ 566,000 S 18 $ $ 2 $ 555,000 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 Determine the unit product cost. Assume that the company uses absorption costing. Unit product cost Reg1 Reg 10 > Req 1A Reg 1B Reg 2A Req 2B Prepare an income statement for May. Assume that the company uses absorption costing, High Country, Inc. Absorption Costing Income Statement 0 $ 0 Reg 1A Reg 1B Req 2A Reg 2B Determine the unit product cost. Assume that the company uses variable costing. Unit product cost Reg 1A Reg 1B Req 2A Reg 28 Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Inc. Variable Costing Income Statement 0 0 0 $ 0