Ida Company produces a handciafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $985. Selected data for the company's operations last year follow:

Units in beginning inventory $0

Units produced 25000

Units sold 23000

Units in ending inventory 2000 Variable costs per unit:

Direct materials $300

Direct labor $480

Variable manufacturing overhead $56

Variable selling and administrative $19

Fixed costs:

Fixed manufacturing overhead $720000

Fixed selling and administrative $860000

Assume that the company uses absorption costing. Compute the unit product cost for one gamelan.

Assume that the company uses variable costing. Compute the unit product cost for one gamelan.