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Owen'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. Al costs and production levels are exactly as planned. The following data are from the company's first two months in business! Click the icon to view the data.) Read the requirements Requirement 1. Compute the product cost per meal produced under absorption coeting and under variable cosling. Do this first for January and then for February January February Absorption Variable Absorption Variable Data Table costing costing costing costing Tolal product cos! 5 Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing. January 1,500 meals Sales.......... Owen's Foods Income Statement (Absorption Costing) Production... 2,000 meals Variable manufacturing expense per meal $5 Month Ended $1 January 31 February 28 Sales commission expense por meal Total fixed manufacturing overhead ........ $400 Total fixed marketing and administrative expenses .. $600 Lees: February 1,800 meals 1.600 man's $5 $1 SADI 3600 Print Done Lees. Requirement 2b. Prepare Ower's Foods' January and February Income statements using variable costing. Owen's Foods Contribution Margin Income Statement (Variable Costing) Month Ended January 31 February 28 Lees Lees Requirement 3. Is operating Income higher under absorption costing or variable costing in January? In February? Explain the patter of differences in operating Income based on absorption costing versus variable costing In January, abeorption coating operating Income verlable costing Income. This is because units produced were y units sold Y costs in the units of ericing inventory. These costs will not be until those units are sold. Deferring these coets to the mure Absorption costing defere some of absorplion cosling income. January's In February, absorpliori cosling operating income variable cusling operating income. This is because untils produced were units sold for the month