Margarita's Foods produces frozen meals that it sells for 515 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.) January 2018 Absorption Variable costing costing Total product cost per meal Require costing Data Table -X ho January 2018 800 meals 1.100 meals Units produced and sold: Sales Production Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing overhead Total fixed selling and administrative costs $ Operatie 6 3 Require sting 385 350 Print Done Requirement 2a. Prepare Margarita's Foods's January income statement using absorption costing. Margarita's Foods Income Statement (Absorption Costing) Month Ended January 31, 2018 Operating Income Requirement 2b. Prepare Margarita's Foods's January income statement using variable costing. Margarita's Foods Income Statement (Variable Costing) Month Ended January 31, 2018 Operating Income Requirement 3. Is operating income higher under absorption costing or variable costing in January? In January, absorption costing operating income variable costing operating income. Total product cost per meal Requirement 2a. Prepare Margarita's Foods's January income state Margarita's Foods Income Statement (Absorption Costing) Month Ended January 31, 2018 Contribution Margin Cost of Goods Sold Fixed Costs Gross Profit Net Sales Revenue Selling and Administrative Costs Variable Costs January income statem Income Statement (Variable Costing) Month Ended January 31, 2018 Operating Income Requirement 3. Is operating income higher under absorption costing or v In January, absorption costing operating income variable co Choose from any list or enter any number in the input fields and then Margarita's Foods Income Statement (Variable Costing) Month Ended January 31, 2018 equals Operating Income exceeds Requirement 3. Is operating income higher unde is less than or variable costing in January? In January, absorption costing operating income variable costing operating income. Choose from any list or enter any number in the input fields and then continue to the next