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Please help me fix the answers that are wrong! Incorrect answers are shown in red, green answers are correct. Part of the question on 2
Please help me fix the answers that are wrong! Incorrect answers are shown in red, green answers are correct. Part of the question on 2 got cut off. It says, "Compute the materials price and quantity variances for each material."
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): Raw Material Standard Labor Time Product X442 Y661 Sintering Finishing Alpha6 2.5 kilos 2.5 liters 0.40 hours 1.20 hours Zeta7 4.5 kilos 5.5 liters 0.40 hours0.80 hours Information relating to materials purchased and materials used in production during May follows: Purchase Standard Used in Price Material Purchases Cost Production X442 15,400 kilos $46,200 $2.80 per 9,900 kilos kilo Y661 16,400 liters $27,880 $1.80 per 14,400 liters liter The following additional information is available: a. The company recognizes price variances when materials are purchased. The standard labor rate is $21.00 per hour in Sintering and $20.00 per hour in Finishing. c. During May, 1,350 direct labor-hours were worked in Sintering at a total labor cost of $33,210, and 2,990 direct labor-hours were worked in Finishing at a total labor cost of $65,780. d. Production during May was 2,000 Alpha6s and 1,200 Zeta 7sStep by Step Solution
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