See prompt and questions below:

Hi-Tek Manufacturing Inc. makes two types of industrial component partsthe B300 and the T500. An absorption costing income statement for the most recent period is shown below: Hi-Tek Manufacturing Inc. Income Statement Sales $ 1,774,300 Cost of goods sold 1,220,190 Gross margin 554,110 Selling and administrative expenses 580,000 Net operating loss $ 125,890) Hi-Tek produced and sold 60,300 units of 3300 at a price of $21 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: B300 T500 Total Direct materials $ 400,500 $ 162,400 $ 562,900 Direct labor $ 120,100 $ 42,700 162,800 Manufactunng overhead 494,490 Cost of goods sold $ 1,220,190 The company has created an activity-based costing system to evaluate the protability of its products. Hi-Tek's ABC implementation team concluded that $52,000 and $102,000 of the company's advertising expenses could be directly traced to 3300 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 Cost Pool (and Activity Measure) Overhead 3300 T500 Total Machining (machine-hours) $ 200,430 90,500 62,500 153,000 Setups (setup hours) 131,460 73 240 313 Product-sustaining (number of products) 101,600 1 1 2 Other (organization-sustaining costs) 61,000 NA NA NA Total manufacturing overhead cost $ 494,490 Required 1. Compute the product margins for the B300 and T500 under the company's traditional costing system. (Do not round your overhead rate. Round your other intermediate and final answers to the nearest whole number.) 2. 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.) 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Do not round your overhead rate. Round your other intermediate calculations and final answers to the nearest whole number. Round your "Percentage" answer to 1 decimal place. (i.e. .1234 should be entered as 12.3)) B300 T500 Total % of % of Amount Total Amount Amount Total Amount Amount Traditional Cost System 0% Total cost assigned to products Total costB300 T500 Total % of % of Amount Total Amount Amount Total Amount Amount Activity-Based Costing System Direct costs: % Indirect costs: 0% Total cost assigned to products Costs not assigned to products: Total cost