Inargarita S Foods produces frozen meals that it sells for $15 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 Margarita'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.) Requiremenit 2a. Prepare Margarita's Foods's January income statement using absorption costing. Data table January Units produced and sold: \begin{tabular}{lr} \multicolumn{1}{l}{ Sales } & 850 meals \\ Production & 1,050 meals \\ \hline Variable manufacturing cost per meal & 6 \\ Sales commission cost per meal & 3 \\ Total fixed manufacturing overhead & 315 \\ Total fixed selling and administrative costs & 650 \\ \hline \end{tabular} Print Done 1. Compute the product cost per meal produced under absorption costing and under variable costing. 2. Prepare income statements for January using a. absorption costing. b. variable costing. 3. Is operating income higher under absorption costing or variable costing in January? 6unsoo uondiosqe buisn quames a Margarita's Foods produces frozen meals that it sells for $15 each. The company computes a new monthly fixed manufacturing overhead allocation rate based Operating Income Requirement 2b. Prepare Margarita's Foods's January income statement using variable costing. Requirement 3 . Is operating income higher under absorption costing or variable costing in January? In January, absorption costing operating income variable costing operating income