DISCUSSIon Question: Gia's Foods produces frozen meals, which it sells for $8 each. The company computes a new monthly fixed manufacturing overhead rate based on the planned number of meals to be produced that month. All costs and production lcvels arc cxactly as planned. Thc following data are from Gia's Foods first month in business January 2007 1,000 meals 1,400 meals $4.00 $1.00 $700 S6o0 Sales Production Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing overhead Total fixed markcting and administrative costs Requirements: i) Compute the product cost per meal produced under absorption costing and under ii) Prepare the income statement for January 2oo7 using variable costing iii) List thrce situations in which marginal costing, as a technique, aids decision-making. variable costing. Guidelines for posting