Shastri Bicycle of Bombay, India, produces an inexpensive, yet rugged, bicycle for use on the citys crowded streets that it sells for 899 rupees. (Indian currency is denominated in rupees, denoted by R.) Selected data for the companys operations last year follow: Units in beginning inventory 0 Units produced 12,000 Units sold 10,000 Units in ending inventory 2,000 Variable costs per unit: Direct materials R 250 Direct labor R 380 Variable manufacturing overhead R 48 Variable selling and administrative R 20 Fixed costs: Fixed manufacturing overhead R 970,000 Fixed selling and administrative R 550,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one bicycle. 2. Assume that the company uses variable costing. Compute the unit product cost for one bicycle.