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 Hi-Tek Manufacturing Inc. Income Statement s 1,714,000 1,259,747 Sales Cost of goods sold Gross margin 454,253 560,000 Selling and administrative expenses Net operating loss S (105,747) Hi-Tek produced and sold 60,100 units of B300 at a price of $20 per unit and 12,800 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 $400,800 162,400 $ 563,200 163,100 533,447 $121,000 42,100 Cost of goods sold $1,259,747