Exercise 7-1 (Algo) Variable and Absorption Costing Unit Product Costs (L07-11 Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $838. Selected data for the company's operations last year follow Unite in beginning Inventory Units produced 10.000 Unita sola 6.000 Unit in anding inventory 4.000 Variable costs per unit Direct materials $ 150 Direct labor 3.450 Variable manufacturing overhead 46 Variable selling and administrative 321 Fixed cost Tixed manufacturing overhead 920,000 Fixed selling and administrative $920,000 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 conting unit product cost 2. Variable costing unit product cost