Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
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 X442 Standard Labor Time Y661 Alpha6 Zeta7 Sintering Finishing 3.0 kilos 2.5 liters 0.30 hours 1.20 hours 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: MaterialPurchases 15,600 kilos 16,600 liters Cost $49,920 $24,900 standard Price 3.00 per kilo $1.60 per liter Used in Production 10,100 kilos 14,600 liters Y661 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 Fimishing. c. During May, 1,400 direct labor-hours were worked in Sintering at a total labor $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 Zetas. Requied: 1. 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 Standa kilos Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total per kilo per liter per hour hours hours per hour $ 0.00 Zetat: Dirgct materials-X442 per ko esc 20 F5 F6 F7

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Statement Analysis And Earnings Forecasting In Accounting

Authors: Steven J Monahan

1st Edition

1680834509, 978-1680834505

More Books

Students also viewed these Accounting questions