Mickley Corporation produces two products, Alphabs and Zeto7s, 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): raw materia Standard Labor Time Product 442 7661 Sintering Finishing Alpha 2.0 kilos 1.5 liter 0.10 hours 1.00 hours teta 3.0 xllos 4.5 liters 0.30 hours 0.80 hours Information relating to materials purchased and materials used in production during May follows: Material X642 4661 Purchase cost 14.200 kilos 555,380 15,200 liters $22.000 Standard Price $3.70 per kilo $1.60 per liter Used in Production 8.700 kilos 13,200 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 $18.90 per hour in Finishing c. During May, 1,200 direct labor hours were worked in Sintering at a total tabor cost of $27.240, and 2,870 direct labor hours were worked in Finishing at a total labor cost of $60,270 d. Production during May was 1,700 Alpha6s and 1,800 Zetas. 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, 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. Required 1 Required 2 Required 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 Quantity or Hours Standard Price or Rate Standard Cost per lo kilos liters perler hours per hour per hour hours $ 0.00 Alpha Direct materiais-X442 Direct materials-9661 Direct labor-Sintering Direct labor-Finishing Total Zeta Direct materials X442 Direct materials-Y861 Direct labor-Sintering Direct labor-Finishing Total kilos ies per kilo per les per hour per hour hours hours 5 0.00 Rewind 2 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. Required 1 Required 2 Required 3 Compute the materials price and quantity variances for each material. (Indicate the effect of each variance by selfcting "P for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts as positive values.) Direct Materiais Variances-Material X442 Materials price variance Materials quantity variance Direct Materiais Variances-Material Y661: Materials price variance Materials quantity variance 1. Complete the standard cost card for each pro 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. Required: Required 2 Required 3 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 (.e., zero variance), Input all amounts as positive values.) Direct Labor Variances--Sintering Labor rate variance Labor efficiency variance Direct Labor Variances--Finishing Laborrate variance Labor efficiency variance
