1 Exercise 7-1 (Algo) Varlable and Absorption Costing Unit Product Costs [LO7-1] 8.33 points eBook Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $842. Selected data for the company's operations last year follow: Units in beginning inventory Units produced 17,600 Units sold 13,00 Units in ending inventory 4,888 Variable costs per unit: Direct materials $ 220 Direct labor $ 390 Variable manufacturing overhead $ 51 Variable selling and administrative $ 18 Fixed costs: Fixed manufacturing overhead $ 690,eee Fixed selling and administrative $ 560, eee Hint Print 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