Mickley Corporation produces two products, Alpha6s 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 Y661 Standard Labor Time Sintering Finishing Product Alpha6 Zeta7 X442 kilos kilos 0.20 hours 0.30 hours 0.90 hours 1.20 hours liters liters Information relating to materials purchased and materials used in production during May follows Used in Production Purchase Standard Material Purchases X442 Y661 Cost Price 15,000 kilos $39,000 $2.40 per Kilo 9,500 kilos 16,000 liters $20,800 $1.40 per 14,000 liters 1iter The following additional information is available: a. The company recognizes price variances when materials are purchased b. The standard labor rate is $23.00 per hour in Sintering and $20.00 per hour in Finishing c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $30,550, and 2,950 direct labor-hours were worked in Finishing at a total labor cost of $64,900 d. Production during May was 1,600 Alpha6s and 1,300 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 Req 1 Req 2 Req 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 Quantity or Price or Standard Cost Hours Rate Alpha6 X442 Y661 Sinterin Finishin Zeta7: X442 Y661 Sinterin Finishin Direct materials- Direct materials- Direct labor- Direct labor- Total per kilo kilos liters hours hours per liter per hour per hour Direct materials- Direct materials- Direct labor- Direct labor- Total kilos liters hours hours per kilo per liter per hour per hour Req 1 Req 2 Req 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.) Show lessA Direct Materials Variances-_ Material X442 Materials price variance Materials quantity variance Direct Materials Variances- Material Y661: Materials price variance Materials quantity variance Req 1 Req 2Req 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.) Show lessA Direct Labor Variances- Sintering: Labor rate variance Labor efficiency variance Direct Labor Variances- Finishing Labor rate variance Labor efficiency variance