Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hi-tek manufacturing, inc., makes two types of ind

Hi-Tek Manufacturing, Inc., makes two types of industrial component parts-the B300 and the T500. An...

70.2K

Verified Solution

Question

Accounting

imageimage

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 1,776,200 Sales Cost of goods sold 1,212,290 563,910 Gross margin Selling and administrative expenses 560,000 13,910 Net operating loss Hi-Tek produced and sold 60,200 units of B300 at a price of $21 per unit and 12,800 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 400,700 162,500 563,200 Direct labor 120, 200 2,400 162,600 486, 490 Manufacturing overhead 1,212, 290 Cost of goods sold

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students