7661 Mickley Corporation produces two products, Alphabs and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis) Raw Material Standard Labor Time Product X442 Sintering Finishing Alpha 2.0 kilos 1.5 liters 0.10 hours 1.00 hours Zeta 3.0 kilos 4.5 liters 0.30 hours 0.80 hours Information relating to materials purchased and materials used in production during May follows: Purchase Material Purchases Cost Standard Price Used in Production X442 14,200 kilos $ 55,380 $ 5.70 per kilo 8,700 kilos Y661 15,200 liters $ 22,800 $ 1.60 per liter 13,200 liters The following additional information is available: a The company recognizes price variances when materials are purchased a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $18.10 per hour in Finishing c During May. 1.200 direct labor-hours were worked in Sintering at a total labor cost of $27.240, and 2,870 direct labor-hours were worked in Finishing at a total labor cost of $60,270 d. Production during May was 1700 Alphabs and 1.800 Zeta7s. Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. 2. Compute the materials price and quantity variances for each material, 3. Compute the labor rate and efficiency variances for each operation Complete the standard cost card for each product, showing the standard cost of direct materials ar answers to 2 decimal places.) Standard Standard Quantity or Hours Price or Rate Standard Cost kilos liters hours hours per kilo per liter per hour per hour Alpha Direct materials-X442 Direct materials--Y661 Direct labor-Sintering Direct labor-Finishing Total Zeta Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total kilos liters hours hours per kilo per liter per hour per hour Compute the materials price and quantity variances for each material. (Indicate the effect o favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amoum Direct Materials Variances-Material X442: Materials price variance Materials quantity variance Direct Materials VariancesMaterial Y661: Materials price variance Materials quantity variance Required 1 Required 2 Required 3 Compute the labor rate and efficiency variances for each operation (Indicate the effect of each variance by selecting "F" for favorable "U" for unfavorable and None" for no effect he zero variance). Input all amounts as positive values Direct Labor Varianoos Sintering Labor rate variance Labor efficiency variance Direct Labor Variances Finishing Laborrate varianco Labor efficiency variance