Louie's Meals produces frozen meals, which it sells for $8 each. The company uses the FIFO inventory costing method, and computers a new monthly fixed manutacturing overhead tate based on the actual number of mais produced that month. Al 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? beplan the pattom of Gorences 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 February Absorption Variable Absorption Variable Data Table costing costing costing costing Total product cost Requirement 2. Prepare separato monthly income statements for January and for February, using absorption costing S. Louie's Meals Production Income Statement (Absorption Costing) Variable manufacturing expense per meal Month Ended Sales commission expense per meal January 31 February 28 Total food manufacturing overhead Total Bed marketing and administrative expenses January 1600 meals 2.000 meals 3 $ 2 5 February 1.900 meals 1.000 mals 3 $ $ 2 800 800 5 $ $ 300 5 300 Print Done Los Less Choose from any list or enter any number in the input fields and then continue to the next