Score: 0 of 1 pt 2 of 4 (0 complete) HW Score: 0%, 0 of 4 pts P3-69A (similar to) Question Help o Larry's Foods 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 Larry's Foods'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 (a) absorption costing and (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. Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing. Do this first for January and then for February (Round your answers to the nearest cent.) * Data Table January Absorption Variable costing costing Total product cost January February 1,500 meals 2,000 meals 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 Total fixed marketing and administrative expenses $ 1 $ 1 $ 800 S 800 $ 600 S 600 Print Done Enter any number in the edit fields and then click Check Answer. ? A parts