High Country, Incorporated, produces and sells many recreational products. The company has just opened a new...

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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 fiest month of the plant's operation: Beginning inventory Unita produced Units aold Belling price per unit Belling and adninistrative expensent Variable per unit Pised (per onth) Manutacturing costa Direct materiale cost per unit Direct labor eost per unit Variable manutacturing overhead cost per unit Pixnd manufaaturing overhead cost (per monENI 44,000 39,000 $ 361,000 $ 740,000 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. 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. 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 fiest month of the plant's operation: Beginning inventory Unita produced Units aold Belling price per unit Belling and adninistrative expensent Variable per unit Pised (per onth) Manutacturing costa Direct materiale cost per unit Direct labor eost per unit Variable manutacturing overhead cost per unit Pixnd manufaaturing overhead cost (per monENI 44,000 39,000 $ 361,000 $ 740,000 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. 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. 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 fiest month of the plant's operation: Beginning inventory Unita produced Units aold Belling price per unit Belling and adninistrative expensent Variable per unit Pised (per onth) Manutacturing costa Direct materiale cost per unit Direct labor eost per unit Variable manutacturing overhead cost per unit Pixnd manufaaturing overhead cost (per monENI 44,000 39,000 $ 361,000 $ 740,000 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. 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. 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 fiest month of the plant's operation: Beginning inventory Unita produced Units aold Belling price per unit Belling and adninistrative expensent Variable per unit Pised (per onth) Manutacturing costa Direct materiale cost per unit Direct labor eost per unit Variable manutacturing overhead cost per unit Pixnd manufaaturing overhead cost (per monENI 44,000 39,000 $ 361,000 $ 740,000 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. 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.

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