Data table Mark's Meals produces frozen meals, which it sells for $8 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. All 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.) Read the 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. Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing. Data table Mark's Meals produces frozen meals, which it sells for $8 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. All 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.) Read the 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. Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing