Gia's Foods produces frozen meals that it sells for $11 each. The company computes a new monthly fixed manufacturing overhead allocation rate based on the planned number of meals to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from Gia's Foods's first month in business (Click the icon to view the data.) Read the requirements Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. (Round your answers to the nearest cent.) January 2018 Absorption Variable costing costing Total product cost per meal Requirement 2a. Prepare Gia's Foods's January income statement using absorption costing. Data Table Gia's Foods Income Statement (Absorption Costing) Month Ended January 31, 2018 January 2018 800 meals 1,000 meals Units produced and sold: Sales Production Variable manufacturing cost per meal Sales commission cost per meal Total faced manufacturing overhead Total fixed selling and administrative costs S 5 1 Operating Income 650 Requirement 2b. Prepare Gia's Foods's January income statement using variable costing. 600 Requirement 2b. Prepare Gia's Foods's January income statement using variable costing. January 2018 Gia's Foods Income Statement (Variable Costing) Month Ended January 31, 2018 800 meals 1,000 meals Units produced and sold: Sales Production Variable manufacturing cost per meal Sales commission cost per meal Total faced manufacturing overhead Total fixed selling and administrative costs $ 5 1 650 800 equals exceeds Operating Income Requirement 3. Is operating income higher unde is less than or variable costing in January? Print Done In January, absorption costing operating income variable costing operating income