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 simllar to a xylophone. The gamelans are sold for $1,021. Selected data for the company's operations last year follow: Required: 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