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 $866 Selected data for the company's operations last year follow Units in beginning inventory Units produced 24,000 Units sold 21,000 Units in ending Inventory 3,000 Variable costs per unit: Direct materials $ 270 Direct labor $400 Variable manufacturing overhead $58 Variable selling and administrative 23 Fixed costs Fixed manufacturing overhead $ 680,000 Fixed selling and administrative $ 450,000 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 1. Absorption costing unit product cost 2 Variable costing unit product cont