Mickey Corporation produces two products, Alphatis and Zeta75, which pass through two operations, Sintering and Finishing. Eoch of the products uses two row materials- X442 and Y661. The company uses a standard cost system, with the following standards for each product (on o per unit basis): Information relating to materiais purchased and materials used in production during May follows: The following additional information is available: a. The company recognizes price variances when materiais are purchased. b. The standard labor rate is $23.00 per hour in $ intering and $19.50 per hour in Finishing. c. During Mary, 1,250 direct labor-hours were worked in Sintering at a total labor cost of $29,000, and 2,940 direct labor hours were worked in Finishing at a total labor cost of $63,210. d. Production during May was 1,500 Alpha6s and 1,000 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 this question by entering your answers in the tabs below. Compute the my Req 2 ice and quantity variances for each material. (Indicate the effect of each variance up aereting "F" for favorable, " U " for unfavorable, and "None" for no effect (hie, zero variance). Input all amounts as positive values.) Mickloy Corporation produces two products, Alphe6s and Zeta7 1 , which pass through fwo opersition, Sintering and Finishing. Fach of the products uses two raw materials - X442 and Y661. The compamy uses a standard cost system. with the following standards for each product (on a per unit basis). Informason relating to materials purchased and matersls used in production during May follows: The following additional infermaton is avaliable. a. The compary recognites price varinnces when materiais sre pucchased. b. The standard labor rate is $23.00 por hour in Sintering and $19.50 per hour in Finishing. c. During Moy, 1250 divect labon hours were worked in Sintering at a lotal labot cost of $29.000, and 2.940 direct labof thours were worked in Finishing at a fotal laber cost of $53.210. d. Production during May was 1,500 AlphaGs and 1,000 Zeta?ts. Aequired: Required: 1. Complete the standard cost caid for each product, showing the standard cost of direct materials and direct labor. 2. Compute the materials price and quantity variances far each malerial. 3. Compute the iabor rote and efficlency variances for each operation. Complete this question by entering your answers in the tabs below. Compute the labor ratie and efficiency variances for Lach operation. (Indicate the effect of each vartance by selecting "F" for fovorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
