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): Information relating to materials purchased and materials used In production during May follows: The following additional information is avallable: a. The company recognizes price varlances when materlals are purchased. b. The standard labor rate is $2200 per hour In Sintering and $20.50 per hour In FInishing. c. During May, 1,200 direct labor-hours were worked in Sintering at a total labor cost of $27,840, and 2,920 direct labor-hours were worked in Finishing at a total labor cost of $65,700. d. Production during May was 2,200 Alpha6s and 1,700 Zeta7s. Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materlals and direct labor. 2. Compute the materlals price and quantity varlances for each material. 3. Compute the labor rate and efficlency varlances for each operation. 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.) Complete this question by entering your answers in the tabs below. 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 (i.e., zero variance). Input all amounts as positive values.) Complete this question by entering your answers in the tabs below. 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 (i,e., zero variance). Input all amounts as positive values.) Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. The production superintendent was pleased when he saw this report and commented: "This $1.02 excess cost is well within the 4 percent IImit management has set for acceptable varlances. It's obvlous that there's not much to worry about with this product." Actual production for the month was 16,000 units. Varlable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventorles of materlals. Required: 1. Compute the following varlances for May: a. Materlals price and quantity varlances. b. Labor rate and efficlency varlances. c. Varlable overhead rate and efficlency varlances. 2. How much of the $1.02 excess unit cost is traceable to each of the varlances computed in requirement 1 . 3. How much of the $1.02 excess unit cost is traceable to apparent inefficlent use of labor time? Complete this question by entering your answers in the tabs below. 1a. Compute the following variances for May, materials price and quantity variances. 1b. Compute the following variances for May, labor rate and efficiency variances. 1c. Compute the following variances for May, variable overhead rate and efficiency variances. (Indicate the effect of each variance by selecting " F " for favorable, "U" for unfavorable, and "None" for no effect (i,e, zero variance), Input all amounts as positive values.) Complete this question by entering your answers in the tabs below. How much of the $1.02 excess unit cost is traceable to each of the variances computed in requirement 1 . (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance), Input all amounts as positive values, Round your answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. How much of the $1.02 excess unit cost is traceable to apparent inefficient use of labor time? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i,e, zero variance), Input all amounts as positive values. Do not round intermediate calculations. Round your final answers to 2 decimal places.)
