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Hi-Tek Manufacturing Incorporated Income Statement Sales Cost of goods sold Gross margin Selling and administrative...

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Accounting

Hi-Tek Manufacturing Incorporated Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss [$1","755","900],[1","218","952],[536","948],[570","000],[$(33","052)] Hi-Tek produced and sold 60,400 units of B 300 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 B 300 $400,600 120,200 T500 $162,400 $42,600 Total $ 563,000 162,800 493,152 The company has created an act

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