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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 $ 1,641, 100 Cost of goods sold 1,224,214 Gross margin 416,886 Selling and administrative expenses 550,000 Net operating loss $ (133,114) Hi-Tek produced and sold 60,100 units of 8300 at a price of $19 per unit and 12.800 units of T500 at a price of $39 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: Direct materials Direct labor Manufacturing overhead Cost of goods sold 3300 T500 Total $400,800 $ 162,300 $ 563, 100 $ 120,000 $ 42,700 162,700 498,414 $ 1,224,214 The company has created an activity based costing system to evaluate the profitability of its products, Hi-Tek's ABC implementation team concluded that $58,000 and $108,000 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-sustaining costs) Total manufacturing overhead cost Manufacturing Overhead $ 200,904 135,710 101,800 60,000 $ 498,414 Activity 8300 T500 Total 99,200 62,000 152,200 71 268 331 1 1 2 NA NA NA 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 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 $ 422,026 Product margin T500 Total 54,860 S 476,886 $ Required 1 Required 2 Required 3 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 TSOD Total % of % of Amount Amount Amount $ $ Traditional Cost System Direct materials Direct labor Manufacturing overhead Total cost assigned to products Direct labor Total cost 400,800 120,000 367,200 888,000 51.5% 15.4% 7,5% 162,300 42,700 130,662 335,662 29.4%s 563.100 12.7% 162.700 38.9% 497 862) $1,223,662 550.000 $ 1,773,662 s $ 8300 Total % of Total Amount T500 % of Total Amount Amount Amount Amount Activity-Based Costing System Direct costs: % % % % Indirect costs: % UNGOLCHI TUVU JI 16V LO wu, 120,000 367,200 888,000 15.4% 7.5% Direct labor Manufacturing overhead Total cost assigned to products Direct labor Total cost 42.700 130,662 335,662 12.7% 38.9% S $ 162,700 497.862 $ 1,223,662 550,000 $ 1,773,662 B300 T500 Total % of Total Amount % of Total Amount Amount Amount Amount Activity-Based Costing System Direct costs: % % % % % % Indirect costs: % % % % % % $ 0 $ 0 0 Total cost assigned to products Costs not assigned to products: Total cost S 0