Complete this question by entering your answers in the tabs below. Hi-Tek Manufacturing, Inc., makes two types of Industrial component parts-the B300 and the T500. An absorption costing Income statement for the most recent period is shown: Required 2 Hi-Tek Manufacturing Inc. Income Statement Sales cost of goods sold Gross margin Selling and administrative expenses Net operating loss $ 1,637,100 1,225,856 411,244 640, ee $(228,756) Required: Required 3 Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin D Hi-Tek produced and sold 60,300 units of B300 at a price of $19 per unit and 12,600 units of T500 at a price of $39 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional Information relating to the company's two product lines is shown below. Complete this question by entering your answers in the tabs below. 8388 T500 Total $ 400,500 $ 162, 8ee 563,380 $ 120,800 $ 42,400 163,200 499,356 $ 1,225,856 Required 1 Required 2 Direct materials Direct labor Manufacturing overhead Cost of goods sold Required 3 Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2 places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.) B300 T500 Total % of The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementation team concluded that $57,000 and $102,000 of the company's advertising expenses could be directly traced to B300 and T500, respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team also distributed the company's manufacturing overhead to four activities as shown below. Amount Amount Amount Traditional Cost System 96 96 % 1% % 961 % Manufacturing Overhead $ 283,756 134,400 100,600 60,60e $ 499,356 Activity Cost Pool (and Activity Measure) Machining machine hours) Setups (setup hours) Product-sustaining (number of products) Other (organization-sustaining costs) Total manufacturing overhead cost Activity Bee Tsee 90,5ee 62,700 se 24 1 1 NA NA Total 153, 2ee 320 2 NA Total cost assigned to products Total cost T500 Total B300 % of Total Amount % of Total Amount Amount Amount Amount Required: 1. Compute the product margins for the B300 and T500 under the company's traditional costing system 2 Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. Activity-Based Costing System Direct costs 1% % S 1% % Complete this question by entering your answers in the tabs below. % Indirect costs Required 1 Required 2 Required 3 % 9 % 151 11 % Compute the product margins for the 8300 and T500 under the company's traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Total cost assigned to products Costs not assigned to products B300 T500 Total Product margin Total cost Complete this question by entering your answers in the tabs below. Hi-Tek Manufacturing, Inc., makes two types of Industrial component parts-the B300 and the T500. An absorption costing Income statement for the most recent period is shown: Required 2 Hi-Tek Manufacturing Inc. Income Statement Sales cost of goods sold Gross margin Selling and administrative expenses Net operating loss $ 1,637,100 1,225,856 411,244 640, ee $(228,756) Required: Required 3 Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin D Hi-Tek produced and sold 60,300 units of B300 at a price of $19 per unit and 12,600 units of T500 at a price of $39 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional Information relating to the company's two product lines is shown below. Complete this question by entering your answers in the tabs below. 8388 T500 Total $ 400,500 $ 162, 8ee 563,380 $ 120,800 $ 42,400 163,200 499,356 $ 1,225,856 Required 1 Required 2 Direct materials Direct labor Manufacturing overhead Cost of goods sold Required 3 Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2 places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.) B300 T500 Total % of The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementation team concluded that $57,000 and $102,000 of the company's advertising expenses could be directly traced to B300 and T500, respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team also distributed the company's manufacturing overhead to four activities as shown below. Amount Amount Amount Traditional Cost System 96 96 % 1% % 961 % Manufacturing Overhead $ 283,756 134,400 100,600 60,60e $ 499,356 Activity Cost Pool (and Activity Measure) Machining machine hours) Setups (setup hours) Product-sustaining (number of products) Other (organization-sustaining costs) Total manufacturing overhead cost Activity Bee Tsee 90,5ee 62,700 se 24 1 1 NA NA Total 153, 2ee 320 2 NA Total cost assigned to products Total cost T500 Total B300 % of Total Amount % of Total Amount Amount Amount Amount Required: 1. Compute the product margins for the B300 and T500 under the company's traditional costing system 2 Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. Activity-Based Costing System Direct costs 1% % S 1% % Complete this question by entering your answers in the tabs below. % Indirect costs Required 1 Required 2 Required 3 % 9 % 151 11 % Compute the product margins for the 8300 and T500 under the company's traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Total cost assigned to products Costs not assigned to products B300 T500 Total Product margin Total cost