Margarita's Foods produces frozen meals that it sells for S11 each. The company computes a new monthly foxed 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 resuirements Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing (Round your answers to the nearest cent) Absorption Variable costing costing Total product cost per meal Requirement 2. Prepare Margarita's Foods's January income statement using absorption costing Margarita's Foods Income Statement (Absorption Costing) Month Ended January 31 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 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 Data table January Units produced and sold Sales 1,000 meals 1,400 meals $ $ 5 Production Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing overhead Total fixed selling and administrative costs 1 630 700 Print Done . Requirements 1. Compute the product cost per meal produced under absorption costing and under variable costing. 2. Prepare income statements for January using: a. absorption costing b. variable costing 3. Is operating income higher under absorption costing or variable costing in January