Mickley Corporation produces two products, Alphabs 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): 7661 Product Alphab Zeta 7 Raw Material X442 3.0 kilos 2.5 liters 4.0 kilos 4.5 liters Standard Labor Time Sintering Finishing 0.30 hours 1.20 hours 0.30 hours 0.70 hours Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchase Purchases Cost 15,600 kilos $49,920 16,600 liters $24,900 Standard Price $3.00 per kilo $1.60 per liter Used in Production 10,100 kilos 14,600 liters 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 $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 Alphabs and 1,000 Zeta7s. Required: (If you aren't sure how to get started, see the video for Example 9-2 in the course packet.) 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. (Note that the amount of materials purchased is different from the amount of materials used - see the Chapter 9 slides if you don't recall why this matters for the materials variances.) 3. Compute the labor rate and efficiency variances for each operation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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.) $ 3,120 0 Direct Materials Variances-Material X442: Materials price variance Materials quantity variance Direct Materials Variances Material Y661: Materials price variance Materials quantity variance $ 1,660F 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 6 Zeta 7 Raw Material X442 Y661 3.0 kilos 2.5 liters 4.0 kilos 4.5 liters Standard Labor Time Sintering Finishing 0.30 hours 1.20 hours 0.30 hours 0.70 hours Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchase Purchases Cost 15,600 kilos $49,920 16,600 liters $24,900 Standard Price $3.00 per kilo $1.60 per liter Used in Production 10,100 kilos 14,600 liters 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 $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 Alphabs and 1,000 Zeta7s. Required: (if you aren't sure how to get started, see the video for Example 9-2 in the course packet.) 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. (Note that the amount of materials purchased is different from the amount of materials used - see the Chapter 9 slides if you don't recall why this matters for the materials variances.) 3. Compute the labor rate and efficiency variances for each operation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 (i.e., zero variance). Input all amounts as positive values.) Direct Labor VariancesSintering: Labor rate variance Labor efficiency variance Direct Labor Variances-Finishing: Labor rate variance Labor efficiency variance