Jason's Meals produces frozen meals, which it sells for $9 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. All costs and production levels are exactly as planned. The following data are from the company's first two months in business: (Click the icon to view the data.) Requirements 1. Compute the product cost per meal produced under absorption costing and under variable costing. Do this first for January and then for February 2. Prepare separate monthly income statements for January and for February, using the following: a. Absorption costing b. Variable costing. 3. Is operating income higher under absorption costing or variable costing in January? In February? Explain the pattern of differences in operating income based on absorption costing versus variable costing. Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. Do this first for January and then for February January Absorption Variable costing costing February Absorption Variable costing costing i Data Table Total product cost January February Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing. Jason's Meals Income Statement (Absorption Costing) Month Ended January 31 Sales........ . Production ................ ........... Variable manufacturing expense per meal.............$ Sales commission expense per meal..................$ Total fixed manufacturing overhead .................$ Total fixed marketing and administrative expenses..... $ 1,600 meals 2,000 meals 5 S 2 800 500 1,900 meals 1,600 meals 5 2 800 500 February 28 $ S Loss: Print Done Choose from any list or enter any number in the input fields and then continue to the next