Hi-Tek Manufacturing, Inc, makes two types of industrial component parts-the 8300 and the T500. An absorption costing income statement for the most recent period is shown: Ri-Tek Manufacturing Ine. Income Statenent Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss 1,761,600 1,258,165 503, 435 560,000 $ (56,565 Hil-Tek produced and sold 60,300 units of B300 at a price of $21 per unit and 12700 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 B300TS00 Total Direct materials Direct labor Manufacturing overhead Cost of goods sold 401,000 162,000 563,000 120,100 42,800162,900 532,265 1,258,165