Owen's Foods produces frozen meals, which it sells for $8 each. The company uses the FIFO in manufacturing overhead rate based on the actual number of meals produced that month. All cosi from the company'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 cost 2. Prepare separate monthly income statements for January and for February, using the following a. Absorption costing b. Variable costing 3. Is operating income higher under absorption costing or variable costing in January? in February? absorption costing versus variable costing Requirement 1. Compute the product cost per meal produced under absorption costing and under va January February Absorption Variable Absorption Variable costing costing costing costing Total product cost Requirement 2a. Prepare separate monthly income statements for January and for February using absa Owen's Foods Income Statement (Absorption Costing) Month Ended January 31 February 28 m any Est or enter any number in the t fields and then cont