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Determine the unit product cost. Assume that the company uses absorption costing. High Country, Inc., 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 piant'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 Prepare a contribution format income statement for May. Assume that the company uses variable costing. Prepare an income statement for May. Assume that the company uses absorption costing. Complete this question by entering your answers in the table below. Determine the unit product cost. Assume that the company uses variable costing