answer required 2 and 3

Hi-Tek Manufacturing, Incorporated, 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 Incorporated Income Statement Sales Cost of goods sold $ 1,633,200 1,215,595 417,605 640,000 Gross margin Selling and administrative expenses Net operating loss $(222,395) Hi-Tek produced and sold 60,300 units of B300 at a price of $19 per unit and 12,500 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: B300 T500 Total Direct materials Direct labor $ 400,800 $ 120,100 $ 162,800 $ 42,300 $ 563,600 162,400 489,595 Manufacturing overhead Cost of goods sold $ 1,215,595 The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementation team concluded that $57,000 and $107,000 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: Manufacturing Overhead i Activity Cost Pool (and Activity Measure) Machining (machine-hours) 8300 90,900 Activity T500 62,600 220 Total 153,500 Setups (setup hours) 75 295 $ 210,295 118,000 100,400 60,900 1 1 Product-sustaining (number of products) Other (organization-sustaining costs) 2 NA NA NA Total manufacturing overhead cost $ 489,595 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.) 8300 T500 Total Product margin $ Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.) B300 T500 % of % of Total Amount Amount Amount Traditional Cost System Total cost assigned to products $ Total cost 0 Activity-Based Costing System Direct costs: Indirect costs: Total cost assigned to products Costs not assigned to products: Total cost $ $ 0 B300 Amount 0 Penulred S % of Total Amount $ $ Amount 0 T500 0 % of Total Amount $ $ Total Amount 0 0