Mickley Corporation produces two products, Alphabs and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materialsX442 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 Tine X442 Y661 Sintering Finishing Alpha 6 2.0 kilos 3.4 liters 0.20 hours 0.80 hours Zeta? 4.0 kilos 5.0 liters 0.25 hours 0.90 hours Product Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchases 15, 900 kilos 16,900 liters Purchase Cost $55, 650 $23, 660 Standard Price $3.30 per kilo $1.50 per liter Used in Production 10,400 kilos 15, 800 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 $20.50 per hour in Finishing. c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $31,720, and 3,040 direct labor-hours were worked in Finishing at a total labor cost of $68,400. d. Production during May was 2,500 Alphabs and 1,400 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. Req1 Reg 2 Reg 3 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 Standard Standard Quantity or Hours Price or Rate Cost Alpha 6 Direct materials-X442 kilos per kilo Direct materials-Y661 liters per liter Direct labor-Sintering hours per hour Direct labor-Finishing hours Total Zeta Direct materials-X442 kilos Direct materials-Y661 liters Direct labor-Sintering hours per hour Direct labor-Finishing hours per hour Total per hour per kilo per liter Req? Req 2 > Req 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 (i.e., zero variance). Input all amounts as positive values.) Direct Materials VariancesMaterial X442: Materials price variance Materials quantity variance Direct Materials VariancesMaterial 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 Variances-Sintering: Labor rate variance Labor efficiency variance Direct Labor VariancesFinishing Labor rate variance Labor efficiency variance