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Ned's Entrees produces frozen meals, which it sells for $9 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 exacily as planned. The following data are from the company's first two months in business: Click the icon to view the data.) monts Compute the product cost per moal produced under absorption costing and under variable costing. Do this first for January and then for February 2. Prepare separate monthly income statements for January and for February, using a. Absorption costing b.Variable costing. absorpion costing versus variable costinyg Requirement 1. Compute the product 3. Is operating income higher under absorplion cosding or variable costing in Jlanuary? In February? Explain the pattorn of differences in operating income based on cost por meal produced under absorption coting and under variable costing. Do this first for January and then for February January Absorption Variable costing costing otal product cos Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Requirement 2b. Prepare Ned's Entrees' Ja This question is complete. Move your curso All parts showing [ Data Table January February .1,000 meals1,200 meals 800 meals Sales. . . ..1,500 meals Variable manufacturing expense per meal.. .. .. ..$5 Sales commission expense per meal. ...$ 5 $600 Total fixed marketing and administrative expenses ....$300 $ 300 Print Done