Mickley Corporation produces two products, Alphabs and Zeta7s, which pass through two operations, Sinteting 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 2442 7661 Sintering Finishing Alphab 2.5 kilos 2.5 liters 0.40 hours 1.20 hours Zeta 4.5 kilos 5.5 liters 0.48 hours 8.80 hours Information relating to materials purchased and materials used in production during May follows: Material Purchases Purchase Cost Standard Price Used in Production X442 15,400 kilos $.46,200 $ 2.80 per kilo 9,900 kilos Y661 16,400 liters $ 27,880 $ 1.80 per liter 14,400 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 $20.00 per hour in Finishing c. During May, 1,350 direct labor-hours were worked in Sintering at a total labor cost of $33,210, and 2,990 direct labor-hours were worked in Finishing at a total labor cost of $65780 d. Production during May was 2,000 Alpha6s and 1,200 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 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 ices Required: 1. Complete the standard cost card for each product, showing the standard cost of direct material 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 Complete the standard cost card for each product, showing the standard cost of direct materials and answers to 2 decimal places.) Standard Quantity or Hours Standard Price or Rate Standard Cost kilos liters Alpha Direct materials-X442 Direct materials-9661 Direct labor-Sintering Direct labor-Finishing Total Zeta: Direct materials-X442 per kilo per liter per hour per hour hours hours kilos per kilo Complete this question by entering your answers in the tabs below Req 1 Req 2 Req3 Compute the materials price and quantity variances for each material. (Indi favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance) Direct Materials VariancesMaterial X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance
