Hello expert please provide complete and correct answer for all million and million thanks for your help Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the B300 and the T500. An absorption costingincome statement for the most recent period is shown:Hi-Tek Manufacturing IncorporatedIncome StatementSalesCost of goods soldGross marginSelling and administrative expensesNet operating lossHi-Tek produced and sold 60,100 units of B300 at a price of $21 per unit and 12,700 units of T500 at a price of $39 per unit. Thecompany's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labordollars as the allocation base. Additional information relating to the company's two product lines is shown below.Direct materialsDirect laborManufacturing overheadCost of goods sold$1,757,4001,228,920528,480590,000$ (61,520)8300T500$400,100 $ 162,700$ 120,600 $ 42,200Total$ 562,800162,800503,320$1,228,920The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementationteam concluded that $50,000 and $108,000 of the company's advertising expenses could be directly traced to B300 and T500,respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team alsodistributed the company's manufacturing overhead to four activities as shown below:Activity Cost Pool (and Activity Measure)Machining (machine-hours)Setups (setup hours)Product-sustaining (number of products)Other (organization-sustaining costs)Total manufacturing overhead costManufacturingOverhead$ 205,740135,080SA101,80060,700$ 503,320830077ActivityTotal90,200 62,200 152,4001NAT5002301NA3072NARequired:1. Compute the product margins for the 8300 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.

Product margin, commonly referred to as gross margin, is a financial measure that depicts the…

Other (organizatio Total manufacturing overhead cost $ 503,320 #equired: Compute the product margins for the 8300 and T500 under the company's traditional costing system. Compute the product margins for 8300 and T500 under the activity-based costing system. Prepare a quantitative comparison of the traditional and activity-based cost assignments.

Other (organizatio Total manufacturing overhead cost $ 503,320 #equired: Compute the product margins for the 8300 and T500 under the company's traditional costing system. Compute the product margins for 8300 and T500 under the activity-based costing system. Prepare a quantitative comparison of the traditional and activity-based cost assignments.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[twentieth item] true or false