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 Standard Labor Time Product X442 7661 Sintering Finishing Alpha 6 3.0 kilos 2.5 liters 0.30 hours 1.20 hours Zota 4.0 kilos 4.5 liters 0.30 hours 0.70 hours Information relating to materials purchased and materials used in production during May follows: Material Purchases Purchase Cost Standard Price Used in Production X442 15,600 kilos $ 49,920 $ 3.00 per kilo 10,100 kilos Y661 16,600 liters $ 24,900 $ 1.60 per liter 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 $21.00 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. Camnlata Helsinki Req 1 Req 2 Req 3 Complete the standard cost card for each product, showing the standard cost of direct material answers to 2 decimal places.) Standard Quantity or Hours Standard Price or Rate Standard Cost kilos liters per kilo per liter per hour per hour hours hours Alpha: Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total Zeta7: Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total per kilo kilos liters hours hours per liter per hour per hour Reg 1 Reg 2 Reg 3 Compute the materials price and quantity variances for each material. (Indicate the effect of each variance by selecting "P" 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 LEEE 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 (1.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 Req2 Rega
