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Exercise 7-1 (Algo) Variable and Absorption Costing Unit Product Costs (L07-1] Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $898. Selected data for the company's operations last year follow: Units in beginning inventory Onits produced 19.000 Units sold 17,000 Units in ending inventory 2,000 Variable costa per uniti Direct materials $ 290 Direct labor $ 380 Variable manafacturing overhead #59 Variable selling and administrative $10 Fixed costs Tixed manufacturing overhead $ 740,000 Fixed selling and administrative $ 550,000 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 productos 2. Variable contingut product