Problem 9-21 Multiple Products, Materials, and Processes (L09-4, LO9-5) 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 Alpha 6 Zeta 7 Raw Material X442 7661 1.5 kilos 2.0 liters 3.5 kilos 4.0 liters Standard Labor Time Sintering Finishing 0.20 hours 0.80 hours 0.40 hours 0.90 hours Information relating to materials purchased and materials used in production during May follows: Material X442 7661 Purchases 14,300 kilos 15,300 liters Purchase Cost $57,200 $24.400 Standard Price $3.80 per kilo $1.70 per liter Used in Production 8,800 kilos 13,300 liters The following additional information is available: a. The company recognizes price variances when materials are purchased b. The standard labor rate is $20.00 per hour in Sintering and $18.50 per hour in Finishing. c. During May. 1,300 direct labor-hours were worked in Sintering at a total labor cost of $29,640, and 2,880 direct labor-hours were worked in Finishing at a total labor cost of $59,040, d. Production during May was 1,800 Alpha6s and 1,800 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 Standard Quantity or Hours Standard Price or Rate Standard Cost kilos per kilo liters per liter hours per hour Alpha: Direct materials-X442 Direct materialsY661 Direct labor-Sintering Direct labor-Finishing Total Zeta7: Direct materialsX442 Direct materials-Y661 hours per hour $ $ 0.00 kilos per kilo liters per liter Direct Materials Variances-Material X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance Direct Labor Variances-Sintering: Labor rate variance Labor efficiency variance Direct Labor Variances-Finishing: Labor rate variance labor efficiency variance