8 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): 4 points Product Alpha 6 Zeta Raw Material X442 Y661 1.5 kilos 2.0 liters 3.5 kilos 4.0 liters Standard Labor Time Sintering Finishing 0.20 hours 0.80 hours 0.40 hours 0.90 hours eBook Information relating to materials purchased and materials used in production during May follows: Print Material X442 Y661 Purchases 14,300 kilos 15,300 liters Purchase Cost $57,200 $24,480 Standard Price $3.80 per kilo $1.70 per liter Used in Production 8,800 kilos 13,300 liters References The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $20.00 per hour in Sintering and $18.50 per hour in Finishing. c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $29,640, and 2,880 direct labor-hours were worked in Finishing at a total labor cost of $59,040. d. Production during May was 1,800 Alpha6s 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. Required 1 Required 2 Required 3 Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. (Round your answers to 2 decimal places.) Standard Standard Standard Quantity or Hours Price or Rate Cost Alpha 6 Direct materialsX442 kilos Direct materialsY661 liters Direct labor-Sintering hours Direct labor-Finishing hours Total Zeta Direct materialsX442 kilos Direct materialsY661 liters Direct laborSintering hours per hour Direct laborFinishing hours per hour Total per kilo per liter per hour per hour per kilo per liter Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the materials price and quantity variances for each material. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Direct Materials VariancesMaterial X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance Complete this question by entering your answers in the tabs below. 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 (i.e., zero variance). Input all amounts as positive values.) Direct Labor VariancesSintering: Labor rate variance Labor efficiency variance Direct Labor VariancesFinishing: Labor rate variance Labor efficiency variance