Hi-Tek Manufacturing, Incorporated, 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-Tek Manufacturing Incorporated Income Statement Required 1 Required 2 Required 3 Prepare a quantitative comparison of the traditional and activity-based cost assignments. Note: 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. Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss $1,695,400 1,213,064 482,336 610,000 $ (127,664) Hi-Tek produced and sold 60,200 units of B300 at a price of $20 per unit and 12,600 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. Traditional Cost System Direct materials Direct labor Manufacturing overhead Cost of goods sold 8300 T500 $ 400,100 $ 162,700 $ 120,400 $ 42,100 Total $562,800 162,500 487,764 $ 1,213,064 The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC Implementation team concluded that $51,000 and $103,000 of the company's advertising expenses could be directly traced to B300 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 Cost Pool (and Activity Measure) Machining (machine-hours) Setups (setup hours) Product-sustaining (number of products) Other (organization-sustaining costs) Total manufacturing overhead cost Manufacturing Overhead Activity 8300 $ 211,554 115,210 90,500 71 T500 62,800 210 Total 153,300 281 100,200 60,800 NA NA $ 487,764 Required 1 Required 2 Required 3 Total cost assigned to products Total cost Amount B300 % of Amount Amount Activity-Based Costing System Direct costs: Indirect costs: Compute the product margins for the B300 and T500 under the company's traditional costing system. Note: Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. B300 T500 Total Total cost assigned to products Costs not assigned to products: Product margin Required 1 Required 2 Required 3 Compute the product margins for B300 and T500 under the activity-based costing system. Note: Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places. Product margin B300 T500 Total Total cost T500 % of Total Amount B300 T500 % of Total Amount % of Total Amount Amount Total Amount