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); Product Alpha Zeta 7 Raw Material X442 Y661 3.0 kilos 2.0 liters 5.0 kilos 4.0 liters Standard Labor Time Sintering Tinishing 0.30 hours 1.20 houra 0.40 hours 1.20 hours Information relating to materials purchased and materials used in production during May follows: Material X442 4661 Purchase Purchases coat 14.900 kilow $37,250 15,900 liters $19,080 Standard Price $2.30 per kilo $1.30 per liter Used in Production 9,400 kilos 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 May was 1.500 Alpha6s and 1,000 Zet07. 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 Reg 1 Req 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.) 2,980 1,580 F Direct Materials Variances-Material X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661 Materials price variance Materials quantity variance 1,590 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 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 variance). Input all amounts as positive values.) 2500 Direct Labor Variances--Sintering Labor rate variance Labor efficiency variance Direct Labor Variances Finishing: Labor rate variance Labor efficiency variance 5,8800