Prepare a contribution format income statement for May. Assume that the company uses variable costing. High Country, Inc. Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold Variable selling expense 0 0 Net operating income $ 0 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 the plant's operation: Beginning inventory Units produced 45, 900 Units sold 40, 000 Selling price per unit 76 Selling and administrative expenses: Variable per unit 4 Fixed (per month) 556,900 Manufacturing costs: Direct materials cost per unit 15 Direct labor cost per unit 8 Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost (per month) 765, 900 Management is anxious to assess the profitability of the new camp cot during the month of May