7 Larry's Foods produces frozen meals, which it sells for $3 each. The company uses the FIFO inventory conting method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. Al costs and production levels are exactly as planned. The following data are from the company's first two months in business: (Click the icon to view the data) Bothman Data Table erptid rual January Sales 1,000 meals Production... 1,500 meals Variable manufacturing expense per meal.. $3 Sales commission expense per meal. $2 Total fixed manufacturing overhead. $600 Total fixed marketing and administrative expenses .. $300 ar February 1,200 meals 800 meals $3 $2 $600 $300 Print Done Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. Do this first for January and then for February January February Absorption Variable Absorption Variable costing costing costing costing Total product cost 3 Requirement 2a. Prepare separats monthly Income statements for January and for Fanari 3.75 Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing. Larry's Foods Income Statement (Absorption Costing) Month Ended January 31 February 28 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Requirement 2b. Prepare Larry's Foods' January and February income statements using variable costing. Choose from any list or enter any number in the input fields and then continue to the Requirement 2b. Prepare Larry's Foods' January and February income statements using variable costing. Larry's Foods Contribution Margin Income Statement (Variable Costing) Month Ended January 31 February 20 Loss Less