National inc. manufactures two models of cmd that can be used as cell phones, mpx, and digital camcorders. model annual salesin unitshigh f 11,500great p 17,500national uses a volume-based costing system to apply factory overhead based on direct labor dollars. the unit prime costs of each product were as follows: high f great pdirect materials $ 39.50 $ 26.90direct labor $ 19.10 $ 14.70budget factory overhead: engineering and design 2,700 engineering hours $ 486,000quality control 13,130 inspection hours 337,740machinery 34,010 machine hours 541,920miscellaneous overhead 26,690 direct labor hours 132,750total $ 1,498,410national's controller had been researching activity-based costing and decided to switch to it. a special study determined national's two products have the following budgeted activities: high f great pengineering and design hours 1,110 1,590quality control inspection hours 5,790 7,340machine hours 20,430 13,580labor hours 12,150 14,540what is the overhead application rate using the firm's volume-based costing system?

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?