Ned's Entrees produces frozen meals, which it sells for $14 each. The company uses the FFO inventory coating method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meat produced that month. All costs and production levels are exactly as planned. The following tata are from Nest's Entrees's first two months in business (Chick the icon to view the data) Requirements 1. Computs 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 Petruary using (a) absorption costing and (b) variable cong 1 s operating income higher under absorption costing or vertable costing in January? In February? Explain the pattern of differences in operating income based on absorption coeling versus variable costing Requirement 1. Compute the product cost per meel produced under absorption coeting and under vanitie costing. Do this first for January and then for February (Round your answers to the nearest cent) January Norton Vate cusing Total produnt cost