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 $ 1,714,000 1,237,202 476,798 610,000 $ (133,202) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss Hi-Tek produced and sold 60,300 units of B300 at a price of $20 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 Direct labor $ 400,800 $ 120,100 $ 162,500 $ 42,500 $ 563,300 162,600 511,302 $ 1,237,202 Manufacturing overhead Cost of goods sold

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Hi-Tek Manufacturing, Incorporated, makes two industrial component parts-B300 and T500. An absorption costing income statement for the most recent period is shown below: Hi-Tek Manufacturing, Incorporated Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss Hi-Tek produced and sold 60,500 units of B300 at a price of $21 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: Direct materials Direct labor Manufacturing overhead Cost of goods sold $ 1,758,000 1,252,580 505,420 550,000 $ (44,580) B300 $ 400,700 $ 120,900 Activity Cost Pool (and Activity Measure) Machining (machine-hours) Setups (setup hours) Product-sustaining (number of products) Other (organization-sustaining costs)…

lomework (i) Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. \table[[Sales price,$56.10 per unit], [ Direct materials, $9.10 per unit], [Direct labor, $6.60 per unit], [Variable overhead,$11.10 per unit], [Fixed overhead,$750,300 per year]] Compute gross profit assuming (a) 61,000 units are produced and 61,000 units are sold and (b)82,000 units are produced and 61,000 units are sold. By how much would the company's gross profit increase or decrease from producing 21,000 more units than it sells?