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Linda's. Foods produces frozen meais that it sells for $7 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 Linda's Foods's first month in business: (Click the icon to view the data.) Read the Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. (Round your answers to the nearest cent) Linda's Foods produces frozen meals that it sells for $7 each. The company computes a new monthly fixed Data table da's Foods's first month in business: ting and under variable costing Linda's Foods produces frozen meals that it sells for $7 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 Linda's Foods's first month in business: Requiremets 1. Compute the product cost per meal produced under absorption costing and under variable costing. 2. Prepare income statements for January 2018 using: a, absorption costing. b. variable costing. 3. Is operating income higher under absorption costing or variable costing in January