Maria's Foods produces frozen meals that it sells for $12 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 Maria'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.) Absorption Variable costing costing Total product cost per meal Requirement 2a. Prepare Maria's Foods's January income statement using absorption costing. Maria's Foods Income Statement (Absorption Costing) Month Ended January 31 Operating Income Choose from any list or enter any number in the input fields and then continue to the next question. ? Maria's Foods produces frozen meals that it sells for $12 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 Maria's Foods's first month in business: (Click the icon to view the data.) Read the requirements. Operating Income Requirement 2b. Prepare Maria's Foods's January income statement using variable costing. Maria'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. Choose from any list or enter any number in the input fields and then continue to the next question. (? i Data Table X January Units produced and sold: Sales 800 meals 1,000 meals $ 5 Production Variable manufacturing cost per meal ales commission cost per meal Total fixed manufacturing overhead Total fixed selling and administrative costs N 650 700 Print Done nummeruncome