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Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the 8300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Incorporated Income Statement Sales $ 1,759,500 Cost of goods sold 1,236, 440 Gross margin 523,060 Selling and administrative expenses 610,000 Net operating loss $ (86,940) Hi-Tek produced and sold 60,200 units of 8300 at a price of $21 per unit and 12,700 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. B300 T500 Total Direct materials $ 400,200 $ 162,500 $ 562,700 Direct labor $ 120,200 $ 42,900 163, 100 Manufacturing overhead 510, 640 Cost of goods sold $ 1,236, 440 The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementation team concluded that $54,000 and $110,000 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: Manufacturing Activity Activity Cost Pool (and Activity Measure) Overhead 8300 T500 Total Machining machine-hours) $ 205,020 98,400 62,600 153,000 Setups (setup hours) 144,320 78 250 328 Product-sustaining number of products) 121,000 1 other organization-sustaining costs) 60,300 NA Total manufacturing overhead cost $ 510,640 1 NA 2 NA 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 Manufacturing Overhead $ 205, 820 144,320 101,000 60,300 $ 510,640 B300 90,400 78 1 Activity T500 62,600 250 1 NA Total 153,000 328 2 NA NA 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product margins for the B300 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.) B300 T500 Total Product margin Required 2 > Required: 1. Compute the product margins for the B300 and 1500 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins shoul be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin $ 0 Amount Amount Traditional Cost System Total cost assigned to products $ 0 $ 0 $ 0 Total cost $ 0 B300 T500 Total Amount % of Total Amount % of Total Amount Amount Amount Activity-Based Costing System Direct costs Indirect costs Total cost assigned to products Costs not assigned to products $ $ 0 0 Total cost $ 0