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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 Cost of goods sold Gross margin Selling and administrative expenses Net operating loss N 1,716,000 1,212,398 503,602 620,000 (116,398) Hi-Tek produced and sold 60,200 units of B300 at a price of $20 per unit and 12,800 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. B380 $ 400,500 $ 120,100 T560 $ 162,400 $ 42,400 Direct materials Direct labor Manufacturing overhead Cost of goods sold Total $ 562,900 162,500 486,998 $ 1,212,398 Check my word The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementation team concluded that $52,000 and $101,000 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-susthining costs) Total manufacturing overhead cost Manufacturing Overhead $ 284,618 121,380 100, 4ee 60.6ee $ 486,998 B300 98,400 79 Activity 1500 62,300 210 T otal 152,700 289 Required: 1. Compute the product margins for the B300 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 i 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 T 500 Total Product margin Required 2 > Complete this question by entering your answers in the tabs below. Required i Required 2 Required 3 Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product me be indicated by a minus sign. Round your intermediate calculations to 2 decimal places. B300 T 500 Total Product margin Required 1 Required 2 Check 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 Traditional Cost System Amount Total cost assigned to products Total cost B300 % OF Amount Total Amount % of Total Amount Amount Amount Activity-Based Costing System Direct costs Indirect costs Total cost assigned to products Costs not assigned to products: Total cost