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 Hi-Te Manufacturing Inc. Income Statement Sales $ 1,763,40 Cost of goods sold 1 251 168 Gross margin 512,232 Selling and administrative expenses 600.000 Net operating loss $ (87,768) Hi-Tek produced and sold 60.200 units of B300 at a price of $21 per unit and 12,800 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 Direct materials Direct labor Manufacturing overhead Cost of goods sold 3100 TSON Total $400,00 $ 102,400 $ 565,300 $ 120,500 42, see 183, $26,868 3 1,251,162 The company has created an activity-based costing system to evaluate the profitability of its products Hi-Teks ABC implementation team concluded that $55.000 and $106.000 of the company's advertising expenses could be directly traced to 3300 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 Activity Control and Activity Mease) Machining (achine-hours) Setup (p hours) Productsustaining (tuber of products) Other (organization using costs) Total sufacturing overhead cost Manufacturing Overhead $ 201, 120 161,00 103,200 6,00 5524, Activity 1500 Total 5,500 62,400 152, 76 1 200 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 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.) B100 T500 Total Product magin Hund Required 2 > 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 should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin 4 Required 1 Required 2 Required 3 Prepare a quantitative comparison of the traditional and activity based cost assignments. (Round your intermediate calculations to 2 decimal places and Percentage answers to 1 decimal place and and other answers to the nearest whole dollar amounts.) BIO 1300 Total Sool Traditional Cost System unt Amount Amount % Totalco assigned to products Total cost 3300 Total 7500 Wor Total Amount % of Total Amount Amount Amount Activity-Based Costing System Direct costs Amount % Indirect costs % % Total cost assigned to products Costs not assigned to products Tocal