Margarita's Foods produces frozen meals that it sells for $14 each. The company computes a new monthly faced manufacturing overhead a 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 conting. (Round your answers Absorption Variable costing costing Total product cost per meal Requirement 2. Prepare Margarita's Foodu's January income statement using absorption conting Margarita's Foods Income Statement (Absorption Costing) Month Ended January 31 Operating Income Requirement 2b. Prepare Margarite's Food's January Income statement using variable conting. Margarita's Foods Income Statement (Variablo Costing) Facturing overhead allocation rate based on the planned number of meals to be produced that month. Assume al costs and und your answers to the nearest cent) Requirement 2b. Prepare Margarita's Foods's January income statement using variable couting Margarita's Foods Income Statement (Variable Costing) Month Ended January 31 Operating Income Requirement 3. Is operating Income higher under absorption conting or variable cooting in January In January, absorption costing operating Income variable cooling operating Income. Data Table - January Units produced and sold: Sales 1,000 meals 1,400 meals Production 6 2 Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing overhead Total fixed selling and administrativo costs 700 750 Print Dono Requirements 1. Compute the product cost per meal produced under absorption conting and under variable costing. 2. Prepare income statements for January using: a absorption costing. b. variable coating 3. Is operating Income higher under absorption conting or variable conting in January? Print Done