Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $$782.$ Selected data for the company$$s operations last year follow:

Units in beginning inventory $0$

Units produced $11,000$

Units sold $8,000$

Units in ending inventory $3,000$

Variable costs per unit:

Direct materials $ $120$

Direct labor $ $420$

Variable manufacturing overhead $ $56$

Variable selling and administrative $ $17$

Fixed costs:

Fixed manufacturing overhead $ $620,000$

Fixed selling and administrative $ $720,000$

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 costing unit product cost

$2.$ Variable costing unit product cost