esHigh Country, Incorporated, produces and sells many recreational products. The company has just opened a new plant to produce afolding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first monthof the plant's operation:Beginning inventoryUnits producedUnits soldSelling price per unitSelling and administrative expenses:Variable per unitFixed (per month)Required:1. Assume that the company uses absorption costing.a. Calculate the unit product cost.Manufacturing costs:Direct materials cost per unit$15Direct labor cost per unit$ 6$3Variable manufacturing overhead cost per unitFixed manufacturing overhead cost (per month)$ 630,000Management is anxious to assess the profitability of the new camp cot during the month of May.b. Prepare ancome 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.Req 1AComplete this question by entering your answers in the table below.Req 1BReq 2A035,00030,000$ 77Req 2B$ 3$570,000< PrevDetermine the unit product cost. Assume that the company uses variable costing.Unit product cost4 of 5Next >Save & ExitSubmitCheck my work SHigh Country, Incorporated, produces and sells many recreational products. The company has just opened a new plant to produce afolding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first monthof the plant's operation:Beginning inventoryUnits producedUnits soldSelling price per unitSelling and administrative expenses:Variable per unitFixed (per month)AManufacturing costs:Required:1. Assume that the company uses absorption costing.a. Calculate the unit product cost.Direct materials cost per unit$ 15Direct labor cost per unit$6Variable manufacturing overhead cost per unit$3Fixed manufacturing overhead cost (per month)$ 630,000Management is anxious to assess the profitability of the new camp cot during the month of May.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.Complete this question by entering your answers in the table below.Req 1AReq 1BReq 2AReq 2B035,00030,000$77$ 3$ 570,000< PrevDetermine the unit product cost. Assume that the company uses absorption costing.Unit product cost4 of 5HelpNext >Save & ExitChapter Seven-ConSubmitCheck my work

Name: esHigh Country, Incorporated, produces and sells many recreational pr
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: esHigh Country, Incorporated, produces and sells many recreational products. The company has just opened a new plant to produce afolding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May,