Problem 7-20 (Algo) Variable and Absorption Costing Unit Product Costs and income Statements; Explanation of Difference in Net Operating Income [LO7-1, LO7-2, LO7-3] High Country, Incorporated, produces and sells many recreational products. The company has just opened a new piont 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: 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. Answer is not complete. Complete this question by entering your answers in the table below. 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. ( Answer is not complete. Complete this question by entering your answers in the table below. Prepare an income statement for May. Assume that the company uses absorption costing. Answer is not complete. Complete this question by entering your answers in the table below. Prepare a contribution format income statement for May. Assume that the company uses variable costing