QUESTION 16 Using Absorption/Full Costing, calculate the value of COGS for January: FACTS: Marty's Entrees produces frozen meals, which it sells for $9 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 Marty's Entrees' first two months in business: January February Sales. 1,400 meals 1,800 meals Production 2,000 meals 1,400 meals Variable manufacturing expense per meal. $ S $ 5 Sales commission expense per mcal. $ $ Total fixed manufacturing overhead $ 700 $ 700 Total fixed marketing and administrative expenses $ 500 $ 500 .. 1 - ***** $7,000 $7,490 $9,000 $9,810