Problem 10-10 Multiple Products, Materials, and Processes (LO10-1, 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 materialsX442 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 7 Raw Material X442 Y661 3.0 kilos 3.0 liters 5.0 kilos 5.0 liters Standard Labor Time Sintering Finishing 0.30 hours 1.10 hours 0.40 hours 1.20 hours Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchases 15,300 kilos 16,300 liters Purchase Cost $44,370 $26,080 Standard Price $2.70 per kilo $1.70 per liter Used in Production 9,800 kilos 14,300 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 $21.50 per hour in Finishing. c. During May, 1,320 direct labor-hours were worked in Sintering at a total labor cost of $32,340, and 2,980 direct labor-hours were worked in Finishing at a total labor cost of $70,030. d. Production during May was 1,900 Alpha6s and 900 Zeta7s. 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 Req 2 Reg 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.) Standard Quantity or Hours Standard Price or Rate Standard Cost Alpha Direct materials-X442 kilos per kilo Direct materials-Y661 liters per liter hours per hour Direct labor-Sintering Direct labor-Finishing hours per hour Total $ 0.00 Zeta7 Direct materials-X442 kilos per kilo Direct materials-Y661 liters per liter hours per hour Direct labor-Sintering Direct labor-Finishing hours per hour Total $ 0.00 u. Pro cuon uuring mvay was 1,900 Alpraos and you Zela/s. 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 Req 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 (i.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 4. Producuon uuring vay was 1,900 Alphabs and you Zeta/s. 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. Req 1 Reg 2 Req3 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
