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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-Tek Manufacturing Inc. Income Statement Sales $1,760,400 Cost of goods sold 1,236,810 Gros margin 531,590 Selling and administrative expenses 650,000 Net operating 105 $(118,410) Hi-Tek produced and sold 60,400 units of B300 at a price of $21 per unit and 12,500 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: 3300 1500 Total Direct materials $400,700 5162,200 $ 562,900 Direct labor $ 120,400 5 42,300 162.700 Manufacturing overhead 511,210 Coat of goods sold 91,236,010 The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC Implementation team concluded that $56,000 and $106,000 of the company's advertising expenses could be directly traced to 1300 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 Activity Activity control and Motivity Measure) Overhead 3300 7500 Total Machining machine-hours) $ 200,000 90,500 62,500 153,000 Setup (setup hours) 140,630 73 270 343 Product-sustaining number of products) 102,000 1 other (organisation-sustaining costs) 60.500 NA Total manufacturing overhead cout $ 511, 210 MA 2 NA Required: 1. Compute the product margins for the 1300 and T500 under the company's traditional costing system 2. Compute the product margins for 8300 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 the B300 and T500 under the company's traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) B300 T500 Total Product margin 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.) B300 T500 Total Product margin Prepare a quantitative comparison of the traditional and activity based cost assignments. (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.) B300 T500 Total % of % of Amount Amount Amount Traditional Cost System % % % % Total cost assigned to products Total cost B300 Total of Total Amount T500 % of Total Amount Amount Amount Amount Activity Based Costing System Direct costs % % Indirect costs % Yotal cost assigned to products Cont not ned to products TODOS