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= Homework: Chapter 06 Graded Homework Question 5, P6-72A (similar to) Part 4 of 9 HW Score: 71.28%, 21.38 of 30 points : , Points: 2 of 10 Save Louie's Meals 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 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 costing and under variable costing. Do this first for January and then for February January February Absorption Variable Absorption Variable costing costing costing costing $ 3.40 $ 3.00 S 3.50 S 3.00 Total product cost Requirement 2a. Prepare separate monthly income statements for January and for February, using absorption costing. Louie's Meals Income Statement (Absorption Costing) () Month Ended January 31 February 28 Sales revenue S 12,600 16,200 Less: Cost of goods sold 4,760 6,300 Gross profit 7,8401 9,900 Less: Operating expenses 3,300 Operating income $ 4,540 Data table February January 1,400 meals Sales... 1,800 meals Production 2,000 meals 1,600 meals $3 $3 $2 $2 Variable manufacturing expense per meal. Sales commission expense per meal. Total fixed manufacturing overhead Total fixed marketing and administrative expenses $800 $800 $500 $500 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. Print Done