Sicky's Entrees produces frozen meals, which it sells for S8 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed nanulactuing cvertead rate based on the actual number of meals produced that month. All costs and production levels are exactly as planned. The following data are fror he company's first two months in business: (Cick the icon to view the data.) Read the reguirements. Data table 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