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 Yinishing Alpha 3.0 kilos 2.0 liters 0.30 hours 1.20 hours Sata? 5.0 kilos 4.0 liters 0.40 hours 1.20 hours Information relating to materials purchased and materials used in production during May follows: Purchase Standard Used in Material Purchases Cost Price Production X442 14,900 kilos $37,250 $2.30 per kilo 9,400 kilos Y661 15,900 liters $19.000 $1.30 per liter 13,900 litera 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 $19.50 per hour in Finishing c. During May. 1.250 direct labor-hours were worked in Sintering at a total labor cost of $29,000, and 2,940 direct labor-hours were worked in Finishing at a total labor cost of $63,210 d. Production during Muy was 1,500 Alphabs and 1,000 Zetas Required: Complete the standard cost card for each product, showing the standard cost of direct materials and direct lobor 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. Red Rea 2 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 Rato Standard Cost per kilo kilos liters hours hours por Mer por hour per hour Alpha Direct materials-X442 Direct materials-7661 Direct labor-Sintoring Direct labor-Finishing Total Zota? Direct materials X442 Direct materials.Y661 Direct labor Sintering Direct labor Finishing Total $ 0.00 kilos ders per kilo per liter por hour por hour hours hours $ 0.00 Root 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 Reg2 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 (le, zero variance). Input all amounts os positive values.) Direct Material Variances-- Material X442: Materials price variance Materials quantity variance Direct Materials Vartances-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 (.e., zero variance). Input all amounts as positive values.) Direct Labor Variances Sintering Labor rato variance Labor efficiency varianco Direct Labor Variances--Finishing: Laborrate variance Labor efficiency variance
