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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 comp 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 Deginning inventory Units produced Units sold Selling price per unit Selling and administrative expect Variable per unit Fixed per month) Manutacturing costs! Direct materials cost per unit Direct Laber cost per unit Variable manufacturing overhead coat per unit Fixed manufacturing overhead coat (per month . 2 3 566.000 $ 20 $ $ 2 3555,000 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 Reg 1A Reg 18 Reg 2A Reg 28 Determine the unit product cost. Assume that the company uses absorption costing Unit product cool Req IA Reg 1B Reg 2A Reg 28 Prepare an income statement for May, Assume that the company uses absorption costing. High Country, Inc. Absorption Costing Income Statement 0 $ Reg 1A Reg 18 Reg 2A Reg 28 Determine the unit product cost. Assume that the company uses variable casting Unit product cost 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