Mickley Corporation produces two products, Alpha 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) Product Alpha 6 Zeta Raw Material X442 7661 3.0 kilos 2.5 liters 4.0 kilos 4.5 liters Standard Labor Time Sintering Finishing 0.30 hours 1.20 hours 0.30 hours 0.70 hours Information relating to materials purchased and materials used in production during May follows: Material X442 7661 Purchase Purchases Cont 15,600 kilos $49,920 16,600 litere $24.900 Standard Price $3.00 per kilo 51.60 per liter Used in Production 10,100 kilos 14,600 liters The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $2100 per hour in Finishing. c. During May, 1.400 direct labor-hours were worked in Sintering at a total labor cost of $33,740, and 3,010 direct labor-hours were worked in Finishing at a total labor cost of $69,230. d. Production during May was 2.200 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 Reg 1 Reg 2 Reg 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.) Stet dard Standard Standard Quantity or Hours Price or Rate Cost Alpha 6 Direct materials-X442 kilos Direct materials-Y661 liters Direct labor-Sintering hours Direct labor-Finishing hours per hour Total $ 0.00 Zeta Direct materials-X442 kilos Direct materials-Y661 liters per liter Direct labor-Sintering hours per hour Direct labor-Finishing hours per hour Total $ 0.00 per kilo per liter per hour per kilo SR Req2 > 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. Reg 1 Reg 2 Req3 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 (ie, zero variance). Input all amounts as positive values.) Direct Materials Variances --Material X442 Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance 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. Reg 1 Reg 2 Reg 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 (.e., zero variance). Input all amounts as positive values.) Direct Labor Variances --Sintering Labor rate variance Labor efficiency variance Direct Labor Variances --Finishing: Labor rate variance Labor efficiency variance