Mario's Foods produces frozen meals, which it sells for $10 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 Mario's Foods's first two months in business: (Click the icon to view the data.) Requirements 1. Compute the product cost per meal produced under absorption costing and under variable costing. Do this first for January and then for February. 2. Prepare separate monthly income statements for January and for February using (a) absorption costing and (b) variable costing. 3. Is operating income higher under absorption costing or variable costing in January? In February? Explain the pattern of differences in operating income based on absorption costing versus variable costing. 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. (Round your answers to the nearest cent.) Data table der absorption costing and under variable costing. Do this first for Ja r January and for February using (a) absorption costing and (b) varia ting or variable costing in January? In February? Explain the pattern statements for January and for February using absorption costing