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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a...

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Accounting

Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $858. 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 $ 160 Direct labor $ 430 Variable manufacturing overhead $ 53 Variable selling and administrative $ 15 Fixed costs: Fixed manufacturing overhead $ 780,000 Fixed selling and administrative $ 970,000 Required: Assume the company uses absorption costing. Compute the unit product cost for one gamelan. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Assume 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

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