Playtime Electronics produces two kinds of electronic toys, Wizards and Gizmos. During the current period, $8,000$ Wizards and $16,000$

Gizmos were produced and sold, generating revenues of $$500,000$ and $$2,000,000,$ respectively. Unit production costs for the two

toys are $$50$ for Wizards and $$70$ for Gizmos. In calculating the cost of goods sold, Playtime uses activity$-$based costing to allocate its

overhead costs. However, upstream costs of $$240,000$ are allocated equally to the two products.

Required:

a$.$ Compute the total net profit for each product and for the firm as a whole.

Note: Losses should be entered with a minus sign.