Mickley Corporation produces two products, Alphaos and Zeta 75, 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? Raw Material X442 Y661 1.8 kilos 2.0 liters 3.0 kilos 4.5 liters Standard Labor Time Sintering Finishing 0.20 hours 0.30 hours 0.35 hours 0.90 hours Information relating to materials purchased and materials used in production during May follows Material 2442 7661 Purchase Purchases Cost 14.500 kilos 552,200 15,500 1520,935 Standard Price 53.50 per kilo 51.40 per liter used in Production 0,500 kilos 13,000 liters The following additional information is available The company recognize price variances when materials are purchased b. The standard labor rate is $19.80 per hour in Sintering and $19.20 per hour in Finishing During May 1200 direct labor hours were worked in Sintering at a total inbor cost of $27.000 und 2.850 direct lobor hours were worked in Finishing at a total labor cost of $59.850 d Production during May was 1500 Aiphos and 2000 2etas X442 Y661 14,500 kilos $52,200 15,500 liters $20,925 $3.50 per kilo $1.40 per liter 3,500 kilos 13,000 liters The following additional information is available: a. The company recognizes price variances when materials are purchased b. The standard labor rate is $19.80 per hour in Sintering and $19.20 per hour in Finishing c. During May, 1.200 direct labor-hours were worked in Sintering at a total labor cost of $27,000, and 2,850 direct labor-hours were worked in Finishing at a total labor cost of $59,850 d. Production during May was 1,500 Alphabs and 2,000 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. 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) Required i Required 2 Required 3 per liter 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 Direct materials-X442 kilos per kilo Direct materials-Y661 liters Direct labor-Sintering hours per hour Direct labor Finishing hours per hour Total Zeta Direct materials-X442 Los per kilo Direct materials-9661 liters por liter Direct labot Sintering hours per hour Direct labor-Finishing hour TO (per hour Required 1 Required 2 Required 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 (.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 Required 1 Required 2 Required 3 Compute the labor rate and efficiency variances for each operation (Indicate the effect of each variance by selecting "F" favorable, "U" for unfavorable, and "None" for no effect (ie. zero varlance). Input all amounts as positive values.) Direct Labor Variances-Sintering Labor tale variance Labor efficiency variance Direct Labor Variances --Finishing Laborrate variance Laboreicancy variance Required 2
