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: \$726. Selected data for the company's operations last year follow: Required: 1. Assume that the company uses absorption costing. Compute the unit proctuct cost for one gamelan (Round your litermediate calculotions and final answer to the nearest whole dollor amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: The absocption costing income statement prepared by the companys accountant for last year appears below: required: Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of las rear? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year