1 234 points Exercise 7-1 (Algo) Variable and Absorption Costing Unit Product Costs [LO7-1] Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $844. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs Fixed sanufacturing overhead Fixed selling and administrative Required: 12,000 9,000 3,000 $260 0340 $59 $ 24 $900,000 $570,000 1. Assume that the company uses absorption costing Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing Compute the unit product cost for one gamelan. Answer is complete but not entirely correct. 1. Absorption costing unit product cost 2. Variatie costing unit product cost $ 750 $ 659