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 2442 7661 Sintering Pintohing Alpha 2.0 kilos 3.0 liters 0.20 hours 0.90 hours Zeta 3.0 kilos 4.0 liters 0.40 hours 1.00 hours Information relating to materials purchased and materials used in production during May follows: Purchase Standard Used in Material Purchases Cost Price Production X442 15,500 kilos 348,050 $2.90 per kilo 10,000 kilos 7661 16,500 liters $29,700 $1.90 per liter 14,500 litere 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 $20.50 per hour in Finishing, c. During May, 1,320 direct labor-hours were worked in Sintering at a total labor cost of $31,680, and 3.000 direct labor-hours were worked in Finishing at a total labor cost of $67,500. d. Production during May was 2.100 Alphabs and 1.220 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. 2. compute the materiais pnce ana quantity vanances 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 Req2 Req3 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 Quantity or Hours Standard Price or Rate Standard Cost kilos liters hours Alpha 6 Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total Zeta Direct materials-X442 Direct materials-9661 Direct labor-Sintering Direct labor-Finishing Total per kilo per liter per hour per hour hours kolos ters hours hours per kilo per liter per hour per hour Rag: Reg 2 > 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. 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 ( e., zero variance), Input all amounts as positive values.) Direct Materials Variances Material X142 Materials price variance Materials quantity variance Direct Material Variances-Material Y661 Materials price variance Materials quantity variance 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. 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 (le, zero variance). Input all amounts as positive values.) Direct Labor Variances--Sintering Laborrate variance Labor efficiency variance Direct Labor Variances--Finishing Labor rate variance Labor efficiency variance