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 6 Zeta 7 Raw Material X442 Y661 1.2 kilos 2.0 liters 3.0 kilos 4.0 liters Standard Labor Time Sintering Finishing 0.40 hours 0.80 hours 0.10 hours 0.60 hours Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchase Purchases Cost 14,500 kilos $60,900 15,500 liters $27,900 Standard Price $4.00 per kilo $1.90 per liter Used in Production 9,000 kilos 13,500 liters The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $21.00 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 $28,750, and 2,900 direct labor-hours were worked in Finishing at a total labor cost of $62,350. d. Production during May was 2,000 Alphabs and 2,250 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. Req 1 Req 2 Req3 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 Alpha6: Direct materials-X442 kilos per kilo per liter Direct materials-Y661 liters hours per hour Direct labor-Sintering Direct labor-Finishing hours per hour Total Zeta7: Direct materials-X442 kilos per kilo Direct materials-Y661 liters per liter hours per hour Direct labor-Sintering Direct labor-Finishing hours per hour Total Req 1 Reg 2 Req 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.) Direct Materials Variances-Material X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance Req 1 Req 2 Req3 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 VariancesFinishing: Labor rate variance Labor efficiency variance 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 6 Zeta 7 Raw Material X442 Y661 1.2 kilos 2.0 liters 3.0 kilos 4.0 liters Standard Labor Time Sintering Finishing 0.40 hours 0.80 hours 0.10 hours 0.60 hours Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchase Purchases Cost 14,500 kilos $60,900 15,500 liters $27,900 Standard Price $4.00 per kilo $1.90 per liter Used in Production 9,000 kilos 13,500 liters The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $21.00 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 $28,750, and 2,900 direct labor-hours were worked in Finishing at a total labor cost of $62,350. d. Production during May was 2,000 Alphabs and 2,250 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. Req 1 Req 2 Req3 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 Alpha6: Direct materials-X442 kilos per kilo per liter Direct materials-Y661 liters hours per hour Direct labor-Sintering Direct labor-Finishing hours per hour Total Zeta7: Direct materials-X442 kilos per kilo Direct materials-Y661 liters per liter hours per hour Direct labor-Sintering Direct labor-Finishing hours per hour Total Req 1 Reg 2 Req 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.) Direct Materials Variances-Material X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance Req 1 Req 2 Req3 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 VariancesFinishing: Labor rate variance Labor efficiency variance