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1 1 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 plant's operation: 2.5 points 48,220 43,000 76 $ eBook 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 cost (per month) $ 4 $566,00 Print $ 18 $ 8 $ 1 $ 960,220 References Management is anxious to assess the profitability of the new comp cot during the month of May. Required: 1. Assume that the company uses absorption costing. o. Calculate the unit product cost. b. Prepare an income statement for May. 2. Assume that the company uses variable costing. 0. 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 Reg 10 Reg 2A Reg 28 Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Inc. Variable Coating Income Statement Sales S 3.268,000 Variable expenses: Variable cost of goods sold S 1.161,000 Variable selling expense 172,000 1.333,000 1.935,000 Contribution margin Fixed expenses Fixed manufacturing overhead Fixed selling and administrative expense 960,000 568,000 1.526.000 409,000 net operating income S