Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

need help with Req 2 Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products

need help with Req 2
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Mickley Corporation produces two products, Alpha6s 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): Information relating to materials purchased and materials used in production during May follows: The following additional information is avallable: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $23.00 per hour in Sintering and $21.50 per hour in Finishing. c. During May. 1,450 direct labor-hours were worked in Sintering at a total labor cost of $35,090, and 3,020 direct labor-hours were worked in Finishing at a total labor cost of $70,970. d. Production during May was 2,300 Alpha6s and 700 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 iabor tate and efficiency variances for each operation. 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: 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. \& Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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.) 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. (x) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 (L.e., zero variance). Input all amounts as positive values.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started