Mario's Foods produces frozen meals, which it sells for $7 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 the company's first two months 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. Do this first for January and then for February. Total product cost January February Data table Absorption costing Variable costing Absorption Variable costing costing Mario's Foods Requirement 2a. Prepare separate monthly income statements for January and for Februa Sales Production January 1,400 meals February 1,600 meals . 2,000 meals 1,400 meals Income Statement (Absorption Costing) Variable manufacturing expense per meal $4 $4 Month Ended Sales commission expense per meal $1 $1 January 31 February 28 Total fixed manufacturing overhead $700 $700 Total fixed marketing and administrative expenses. . . $300 $300 Less: Less: Print Done