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 $910. Selected data for the company's operations last year follow: Units in beginning inventory 0 Units produced 14,000 Units sold 11,000 Unitsin ending inventory 3,000 Variable conto per uniti Direct materials 260 Direct labor $410 Variable manufacturing overhead $ 46 Variable selling and administrative 17 Tixed costs: Tixed manufacturing overhead 750,000 Fixed selling and administrative $ 470,000 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 cost