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? Raw Material X442 Y561 1.2 kilos 2.0 liters 3.6 kilos 4.0 liters Standard Labor Time Sintering Finishing 0.40 hours 0.89 hours 0.10 hours 0.60 hours Information relating to materials purchased and materials used in production during May follows: Material X442 7661 Purchases 14,580 kilos 15, see liters Purchase Cost $69,900 $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 $2100 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 Alpha6s 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 RoQ1 Reg 2 Req3 Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. (Round your artswers to 2 decimal places.) Standard Standard Standard Quantity or Hours Price or Rate Cost por kilo kilos Mers per liter Alphali Direct materials-X442 Direct materials-Y881 Direct labor-Sintering Direct labor Finishing Total Zeta hours per hour por hour hours Direct materials-X442 kilos per kilo Direct materials-Y861 liters per er hours Direct labor-Sintering Direct labor-Finishing per hour per hour hours Total Check Rea 1 Reg 2 Reg 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 Materiais Variances Material X442 Materials price variance Materials quantity variance Direct Materials Variances --Material Y861 Materials price variance Materials quantity variance Chec Reg 1 Reg 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 (le, zero variance). Input all amounts as positive values.) Direct Labor Variances--Sintering: Labor rate variance Labor efficiency variance Direct Labor Variances --Finishing Labor rate variance Labor efficiency varianco
