Problem 6-20 (Static) Variable and Absorption Costing Unit Product Costs and Income St Explanation of Difference in Net Operating Income [LO6-1, LO6-2, LO6-3] High Country, Incorporated, produces and sells many recreational products. The company has just opened a new pla folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to N of the plant's operation: Management is anxlous 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