Mark's Meals 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 the company's first two months in business: (Click the icon to view the data.) Read the requirements. Total product cost Absorption Variable Absorption Variable costing costing costing costing $ 5.75 $ 5.00 $ 5.80 $ 5.00 Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing. Mark's Meals Income Statement (Absorption Costing) Data table Month Ended January 31 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Operating income January February Sales .1,300 meals 1,700 meals Production 1,600 meals 1,500 meals Variable manufacturing expense per meal $5 $5 Sales commission expense per meal $1 $1 Total fixed manufacturing overhead $1,200 $1,200 Total fixed marketing and administrative expenses $800 $800 Help me solve this Video Get more help -