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): Product Alpha Zeta 7 Raw Material X442 4661 2.5 kilos 2.5 liters 4.5 kilos 4.5 liters Standard Labor Time Sintering Finishing 0.40 hours 0.90 hours 0.35 hours 0.80 hours Information relating to materials purchased and materials used in production during May follows: Purchase Standard Used in Material Purchases Cont Price Production X442 16,000 kilos $57,600 $3.40 per kilo 10,500 kilon 4661 17,000 liters $25,500 $1.60 per liter 15,000 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 $21.00 per hour in Finishing. c. During May, 1,400 direct labor-hours were worked in Sintering at a total labor cost of $34,300, and 3,050 direct labor-hours were worked in Finishing at a total labor cost of $70,150. d. Production during May was 2,600 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. Complete this question by entering your answers in the tabs below. 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.) Standard Quantity or Hours Standard Price or Rate Standard Cost kilos liters hours hours per kilo per ter per hour per hour Alpha: Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor Finishing Total Zeta Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total kilos liters per kilo per liter per hour per hour hours hours Reg 2 > 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 (.e., 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 Reg 1 Reg 2 Reg 3 Compute the labor rate and efficiency variances for each operation (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero vartance). Input all amounts as positive values.) Direct Labor Variances--Sintering: Labor rate variance Labor efficiency variance Direct Labor Variances--Finishing Laborrate variance Labor efficiency variance Req2