please answer required 1 and 2

Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the 8300 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 $ 1,702,000 1,236,828 465,172 600,000 Gross margin Selling and administrative expenses Net operating loss $ (134,828) Hi-Tek produced and sold 60,100 units of B300 at a price of $20 per unit and 12,500 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 $ 563,000 Direct materials. Direct labor $ 400,900 $ 120,600 $ 162, 100 $ 42,200 Manufacturing overhead 162,800 511,028 Cost of goods sold $ 1,236,828 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 $103,000 of the company's advertising expenses could be directly traced to 8300 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) Activity T500 B300 90,700 Total 153,200 62,500 Manufacturing. Overhead $ 212,948 135,880 101,400 60,800 Setups (setup hours) 76 240 316 Product-sustaining (number of products) 1 1 2 Other (organization-sustaining costs) NA NA Total manufacturing overhead cost $ 511,028 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 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.) 8300 T500 Total Product margin Hi-Tek produced and sold 60,100 units of 8300 at a price of $20 per unit and 12,500 units of T500 at a price of $40 per unit. Th company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct lal 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 $ 400,900 $ 120,600 $ 162,100 $ 42,200 $ 563,000 162,800 511,028 Manufacturing overhead Cost of goods sold $ 1,236,828 The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementa team concluded that $57,000 and $103,000 of the company's advertising expenses could be directly traced to 8300 and T500 respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team als distributed the company's manufacturing overhead to four activities as shown below: Activity Cost Pool (and Activity Measure) Machining (machine-hours) B300 90,700 Activity T500 62,500 Total 153,200 Manufacturing Overhead $ 212,948 135,880 101,400 60,800 Setups (setup hours) 76 240 316 1 1 2 Product-sustaining (number of products) Other (organization-sustaining costs) NA NA NA Total manufacturing overhead cost $ 511,028 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 T500 Total Product margin