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 1,649,700 ,229,055 Sales Cost of goods sold Gross margin 420,645 Selling and administrative 590,000 expenses Net operating loss $(169,355) Hi-Tek produced and sold 60,300 units of B300 at a price of $19 per unit and 12,600 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 400,900 162,200 T500 Total Direct materials Direct labor Manufacturing overhead Cost of goods sold $ 563,100 20,600 s42,300 162.900 503,055 1,229,055