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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 Raufacturing the Incon Statement Sales Coat of goods sold Gross margin Selling and administrative expenses Net operating loss B1,712,000 120.40 473.562 G0.000 (166.458 Hi-Tek produced and sold 60,200 units of 8300 at a price of $20 per unit and 12,700 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. 300 1500 Total Direct materials $ 400,300 $ 162,9005563,200 Direct labor $ 120.000 $ 43,000 163.000 Manufacturing overhead 512.,230 Cost of goods sold $1,238,430 The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementation team concluded that $54,000 and $103,000 of the company's advertising expenses could be directly traced to 8300 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: Manufacturing Active Activity Control and Activity Mature) Overhead 3300 TSOO Total Machining thathine-hours) $ 202,950 50,200 62.400 152,600 Betupa tap houte) 148,200 77 260 337 Product-staning number of puts) 100,000 1 3 other organisatiosustaining lata) 60.00 MA Total manufacturing overhead cout $ 512,230 NA Required: 1. Compute the product margins for the 3300 and T500 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 Required 2 Required Comote the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a sign Round your intermediate calculations to 2 decimal places The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC impleme team concluded that $54,000 and $103,000 of the company's advertising expenses could be directly traced to 1300 and TS respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team distributed the company's manufacturing overhead to four activities as shown below: ences 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 $ 202,958 148,280 100, 800 60,200 $ 512,238 Activity B300 T500 Total 90,200 62,400 152,600 77 260 337 1 1 2 NA NA NA Required: 1. Compute the product margins for thi8300 and T500 under the company's traditional costing system 2. Compute the product margins for Boo 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 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.) 8300 T500 Total 0 Product margin 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 Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations places and Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.) B300 T500 Total % of % of Amount Amount Amount $ sis Traditional Cost System Direct materials Direct labor Manufacturing overhead Total cost assigned to products Selling and administrative Total cost 400,300 120,000 376,800 897.100 RR 162.900 43,000 135.020 340,920 %$ 563,200 % 163,000 % 511,820 $ 1,238,020 640,000 $ 1,878,020 $ $ Total B300 Se of Total Amount T500 % of Total Amount Amount Amount Amount $ $ $$ 400,300 120.000 54,000 *** 162 900 43.000 % 563 200 163.000 157.000 103.000 $ Activity-Based Costing System Direct costs: Direct materials Direct labor Advertising expense Indirect costs Machining Setups Product sustaining Total cost assigned to products Cosis not assigned to products: Selling and administrative Other Total % R $ 574,300 $ 308.900 883.200 5 883.200