Louie'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.) Read the requirements. 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. Total product cost January February Absorption costing Variable costing Absorption Variable costing costing $ 3.60 $ 3.00 $ 3.75 $ 3.00 Data Table Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing. Louie's Meals Sales.... Less: Less: Income Statement (Absorption Costing) Month Ended January 31 January February . 1,000 meals 1,400 meals Production... 1,500 meals 1,200 meals Variable manufacturing expense per meal.. $3 $3 Sales commission expense per meal.. $1 $1 Total fixed manufacturing overhead $900 $900 Total fixed marketing and administrative expenses. . $300 $300 Print Done