P6-66A (similar to) Question Help Marty's Entrees produces frozen meals, which it sells for $7each The company uses the FIFO Inventory costing method, and 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) Requirements 1. Compute 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 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? Explain the pattern of differences in operating Income based on absorption costing versus variable costing Income Statement(Absorption Costing) Month Ended January 31 Sales revenue Less Cost of goods sold Gross profit Loss Operating expenses Operating income ? Choose from any ist or enter any number in the input helds and then chok Check Answer Check Answer 6 parts Clear A remaining prehensi 1 of 2 (1 complete) which it sells for 57 each. The company uses the FIFO inventory costing method, and it computes a new me als produced that month. All costs and production levels are exactly as planned. The following data are from - - Data Table January 1.500 meals 2.000 meals February 1.900 meals 1.600 meals 3 s 3 Sales Production Variable manufacturing expense per meal Sales commission expense per meal Total fixed manufacturing overhead Totalfred marketing and administrative expenses 1 $ 1 AAAA 800 $ 800 300 $ 300 Print Done number in the noutrelds and then click Check Answer Clear A