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 0 Units produced 36,000 Units sold 31,000 Selling price per unit $ 75 Selling and administrative expenses: Variable per unit $ 4 Fixed (per month) $ 563,000 Manufacturing costs: Direct materials cost per unit $ 14 Direct labor cost per unit $ 7 Variable manufacturing overhead cost per unit $ 3 Fixed manufacturing overhead cost (per month) $ 684,000Management is anxious to see how profitable the new camp cot will be and has asked that an income statement be prepared for May. Assume that the company uses absorption costing. (a) Determine the unit product cost. (b) Prepare an income statement for May.
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