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 below: -lek Man ring Inc. Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss $ 1,647,600 1,236,804 410,796 600,000 $ (189,204 Hi-Tek produced and sold 60,400 units of B300 at a price of $19 per unit and 12,500 units of T500 at a price of $40 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 Direct labor Manufacturing overhead Cost of goods sold 400,900 162,100 563,000 163,500 510,304 $ 1,236,804 $ 120,600 42,900 anufacturing Machining (machine-hours) Setups (setup hours) Product-sustaining (number of products) Other (organization-sustaining costs) Total manufacturing overhead cost $ 205,154 142,650 102,000 60,500 510,304 90,60062,500 153,100 317 240 NA NA NA Required 1. Compute the product margins for the B300 and T500 under the company's traditional costing system. (Do not round your overhead rate. Round your other intermediate and final answers to the nearest whole number.) B300 T500 Total Product margin 2. Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product argins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total 2 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.) Product margin 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Do not round your overhead rate. Round your other intermediate calculations and final answers to the nearest whole number. Round your "Percentage" answer to 1 decimal place. (i.e. 1234 should be entered as 12.3) B300 T500 Total %of %of Amount Total Amount Amount Total Amount Amount Traditional Cost System Total cost assigned to products Total cost %of Amount Total Amount Amount Total Activity-Based Costing System Direct costs: Indirect costs Total cost assigned to products Costs not assigned to products Total cost