Roselta'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 o meals to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from Rosetta's Foods's lirst month in business (Click the icon to view the data.) Read the requirements Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. (Round your answers to the nearest cent.) Requirement Za. Prepare Rosetta's Foods's January income statement using absorption costing Zosetta's Foods produces frozen meals that it sells for $7 each. The company computes a new monthly fixed manufacturing neals to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from (Click the icon to view the data.) Read the requirements Data table Requirement 1. Con 7. (Round yo ta's Foods produces frozen meals that it sells for $7 each. The company computes a new monthly fixed manufacturing overhea to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from Rosetta Click the icon to view the data.) Requirements 1. Compute the product cost per meal produced under absorption costing and under variable costing. 2. Prepare income statements for January using: a. absorption costing. b. variable costing. 3. Is operating income higher under absorption costing or variable costing in January? Ills for $7 each. The company computes a new monthly fixed mar Fixed Costs Gross Profit Net Sales Revenue Rosetta's Foods produces frozen meals that it sells for $7 each. The company computes a new monthly fixed manufact Requirement 2b. Prepare Rosetta's Foods's January income statement using variable costing. Requirement 3 . Is operating income higher under absorption costing or variable costing in January? In January, absorption costing operating income variable costing operating income