Show All Your Works How You Do It: Fill Out All White Blanks Larry's Foods produces frozen meals, which it sells for $7 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. All costs and production levels are exactly as planned. The following data are from the company's first two months in business: Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing Larry's Foods Income Statement (Absorption Costing) Month Ended Data Table - February 28 Sales revenue January February Less: Cost of goods sold Gross profit Less: Operating expenses Sales .......... Production Variable manufacturing expense per meal ..........S Sales commission expense per meal ..............S Total fixed manufacturing overhead ...............$ Total fixed marketing and administrative expenses....$ 1,400 meals 2,000 meals 3 1 700 600 1,600 meals 1.400 meals 3 1 700 600 S S S S Operating income Print Done Enter any number in the edit fields and then click Check