Exercise 7-1 Variable and Absorption Costing Unit Product Costs (L07-13 Ida Sidha Karya Company is a family-owned company located on the island of Ball in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $977 Selected data for the company's operations last year follow: 0 20,000 16,000 4.000 Units in beginning inventory Voits produced Units sold Units in ending inventory Variable conta per unit Direct materiale Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Tixed manufacturing overhead Fixed selling and administrative + $ s $ 220 520 56 25 5610,000 $480.000 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 conting unit product cost