Req $1A$

Req $1$B

Req $2A$

Req $2$B

Prepare an income statement for May. Assume that the company uses absorption costing. Req $1A$

Req $1$B

Req $2A$

Req $2B$

Determine the unit product cost. Assume that the company uses variable costing.

Unit product cost Req $1$A

Req $1B$

Req $2A$

Req $2B$

Prepare a contribution format income statement for May. Assume that the company uses variable costing.Explanation of Difference in Net Operating Income $[$LO$7-1,$ LO$7-2,$ LO$7-3]$

High Country, Incorporated, 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:

Management is anxious to assess the profitability of the new camp cot during the month of May.

Required:

Assume that the company uses absorption costing.

a$.$ Calculate the unit product cost.

b$.$ Prepare an income statement for May.

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.

Req $1A$

Determine the unit product cost. Assume that the company uses absorption costing.