Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements Explanat 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 Units sold Selling price per unit 40,000 35,000 $80 Selling and administrative expenses Variable per unit Fixed per month $3 569,000 Manufacturing costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost per month $15 $10 $1 $640,000 Management is andous to see how profitable the new camp cot will be and has asked that an income statement be prepared for May Required e that the company uses absorption costing a. Determine the unit product cost. Unit product cost b. Prepare an income statement for May High Country, Inc. Absorption Costing Income Statement