Exercise 7-1 Variable and Absorption Costing Unit Product Costs [LO7-1 Ida Sidha Karya Company is a family-owned company located produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $886. Selected data for the company's operations last year follow: the village of Gianyar on the island of Bali in Indonesia. The company Units in beginning inventory 13,00 nits produced 3,000 Units in ending inventory unit: Variable costs Direct materials 130 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead 510 60 22 $990,000 $570,000 Fixed sellling and administrative 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. Absorption costing unit product cost 1 2. Variable costing unit product cost