This Question: 5 pts 15 of 27 (o complete This Test: 100 W 0 Law Foods producten mal which each. The company use the FIFO mendory costing method, and it computere monthly fund manuteniring ovated stused on the students as produced that month Alcon and cleve are exactly as planned. The following data are from the company's two months in business Cck the icon to view the data Read the Regulament 1. Compute the product cont permeat produced under strooption conting and under variable costing Do thin fout for January and then for February January February Absorption Variable Absorption Variable costing costing Toto Hequirement 2. Prepare separate monthly income tatments for January and for her, sing option couting Lany Pood Income Salamat (Absorption Costing Month Ended January 31 February 28 This Question: 5 pls 16 of 27 (0 complete Larry's Foods produces frozen meals, which it sells for $9 each. The company uses the FIFO inventory costing method, and it produced that month. All costs and production levels are exactly as planned. The following data are from the company's first to (Click the icon to view the data) Read the requirements Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing Larry's Foods Income Statement (Absorption Costing) Month Ended January 31 February 28 Less Less Requirement 2b. Prepare Larry's Foods January and February income statements using variable costing Larry's Foods Contribution Margin Income Statement (Variable Costing) Choose from any list of enter any number in the input fields and then continue to the next question This Question: 5 pls 16 of 27 (0 complete) Larry's Foods produces frozen meals, which it sells for $9 each. The company uses the FIFO inventory costing method, and it ca produced that month. All costs and production levels are exactly as planned. The following data are from the company's first two (Click the icon to view the data.) Read the requirements Requirement 2b. Prepare Larry's Foods' January and February income statements using variable costing Larry's Foods Contribution Margin Income Statement (Variable Costing) Month Ended January 31 February 28 Less Less Choose from any list or enter any number in the input fields and then continue to the next question units sont Requirement is operating income higher under absorption conting of variabile conting len January? in February? Explain the pattom of diferences in operating come based on absorption coating vurus variatilo conting In January, abono costing operating income variable costing income This is because its groduced were Atsoption costing defers some of costs in the unit of ending Inventory These costs will not be until those units sold Oluring these costs to the future January's absorption costing income In February absorption costing operating income variable costing operating income. This is because its produced were y un sold for the more cost that absorption costing assigned to that inventory are exposed in This February As inventory as was the case in this February January absorption costing Income 16 of 27 (0 complete) The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturin was planned. The following data are from the company's first two months in business: i Data Table - X cost he ba var! February 1.900 meals 1.600 meals til the January Sales. 1.500 meals Production..... 2.000 meals Variable manufacturing expense per meal, $5 Sales commission expense per meal 51 Total fixed manufacturing overhead $800 Total fixed marketing and administrative expenses. $500 $5 $1 va be ma $800 nual S500 expen san Print Done