Problem 10-10 Multiple Products, Materials, and Processes (L010-1, LO10-2] Mickley Corporation produces two products, Alphabs 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 Alpha 6 Xeta? Raw Material X442 7661 3.0 kilos 2.0 liters 5.0 kilos 4.0 liters Standard Labor Time Sintering Finishing 0.30 hours 1.20 hours 0.40 hours 1.20 hours Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchase Purchases Cost 14,900 kilos $37,250 15,900 liters $19,080 Standard Price $2.30 per kilo $1.30 per liter Used in Production 9,400 kilos 13,900 liters The following additional Information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $23.00 per hour in Sintering and $19.50 per hour in Finishing. c. During May 1,250 direct labor-hours were worked in Sintering at a total labor cost of $29,000, and 2,940 direct labor-hours were worked in Finishing at a total labor cost of $63,210. d. Production during May was 1,500 Alphabs and 1,000 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 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. Reg 1 Req 2 Reg 3 per kilo 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 Cont Alpho6: Direct materials-X442 kilos Direct materials-Y661 liters Direct labor-Sintoring hours per hour Direct labor-Finishing hours per hour Total Zeta: Direct materials-X442 kilos I perio Direct materials-Y661 liters per liter Direct labor-Sintering hours per hour Direct labor-Finishing hours per hour Total Reg 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. Req1 Req2 Reg 3 Compute the materials price and quantity variances for each material. (Indicate the effect of each variance by selecting "P" 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. 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. Reg 1 Reg 2 Reg 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 (I.e., 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
