Problem $7-20($Algo$)$ Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income $[$LO$7-1,$ LO$7-2,$ LO$7-3]$

High Country, Incorporated, produces and sells many recreational products. The company 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:

Required:

$1.$ Assume the company uses absorption costing.

a$.$ Calculate the camp cot$\text{'}$s unit product cost.

b$.$ Prepare an income statement for May.

$2.$ Assume the company uses variable costing.

a$.$ Calculate the camp cot$\text{'}$s unit product cost.

b$.$ Prepare a contribution format income statement for May.

Complete this question by entering your answers in the table below.