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please help! Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations. Sintering and Finishing. Each of the products uses two raw
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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: Product Alpina Zeta Raw Materiat X442 GY661 3.0 kilos 2.0 liters 5.8 kilos 5.0 liters Standard Labor Time Sintering Finishing 0.40 hours 2.00 hours 0.50 hours 1.20 hours information relating to materials purchased and materials used in production during May follows Purchase aterial Purchases Cost Standard Price X442 15,700 kilos $ 51,610 $ 3.10 per kilo 7661 16,700 liters $ 20,040 5 1.30 per liter The following additional information available: Used in Production 10,200 kilos 14,200 liters a. The company recognizes price variances when materials are purchased b. The standard loborrate is $23.00 per hour in Sintering and $2150 per hour in Finishing s. During Moy. 1.450 direct labor hours were worked in Sintering at a total labor cost of $35.090, and 3.020 direct lobor hours were worked in Finishing at a total labor cost of $70,970 Production during Moy w 2,900 Alphaos and 700 Zet87 Required: comolete the standard cost card for each product , showing me standard cost of direct materials and direct labor 2. Comote 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. (Rour answers to 2 decimal places.) Standard Quantity or Hours Standard Price or Rate Standard Cost kilos per kilo liters per liter hours per hour hours At hour Alpha Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total Zeta Direct materials --X442 Direct materials ---Y661 Direct labor-Sintering Direct labor-Finishing Total S 0.00 kilos per kilo ters per ter hours per hour hours per hour S 0.00 Required 2 > 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 Vanances-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" for favorable, "U" for unfavorable, and "None for no effect (ie. 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 variance Step by Step Solution
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