Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing....

    

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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 Alpha6 Zeta? Raw Material Y661 3.0 liters Sintering 0.20 hours 0.90 hours 4.0 liters 0.40 hours 1.00 hours Information relating to materials purchased and materials used in production during May follows: X442 2.0 kilos 5.0 kilos Material X442 Y661 Standard Labor Time Finishing 15,500 kilos 16,500 liters Purchase Cost $ 48,050 $ 29,700 The following additional information is available: Purchases Standard Price $ 2.90 per kilo $ 1.90 per liter Used in Production 10,000 kilos 14,500 liters a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $20.50 per hour in Finishing. c. During May, 1,320 direct labor-hours were worked in Sintering at a total labor cost of $31,680, and 3,000 direct labor-hours were worked in Finishing at a total labor cost of $67,500. d. Production during May was 2,100 Alpha6s and 1,220 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. 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 Alpha6: 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.) Direct materials-X442 Direct materials-Y6611 Direct labor-Sintering Direct labor-Finishing Total Zeta7: Req 3 Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total Standard Quantity or Hours kilos liters hours hours kilos liters hours hours Reg 1 Standard Price or Rate per kilo per liter per hour per hour per kilo per liter per hour per hour Standard Cost $ $ Req 2 > 0.00 0.00 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 Req 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 < Req 1 Req 3 > 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 Req 2 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 Req 3 Labor efficiency variance Direct Labor Variances-Finishing: Labor rate variance Labor efficiency variance < Req 2 Rog 3 > 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 Alpha6 Zeta? Raw Material Y661 3.0 liters Sintering 0.20 hours 0.90 hours 4.0 liters 0.40 hours 1.00 hours Information relating to materials purchased and materials used in production during May follows: X442 2.0 kilos 5.0 kilos Material X442 Y661 Standard Labor Time Finishing 15,500 kilos 16,500 liters Purchase Cost $ 48,050 $ 29,700 The following additional information is available: Purchases Standard Price $ 2.90 per kilo $ 1.90 per liter Used in Production 10,000 kilos 14,500 liters a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $20.50 per hour in Finishing. c. During May, 1,320 direct labor-hours were worked in Sintering at a total labor cost of $31,680, and 3,000 direct labor-hours were worked in Finishing at a total labor cost of $67,500. d. Production during May was 2,100 Alpha6s and 1,220 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. 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 Alpha6: 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.) Direct materials-X442 Direct materials-Y6611 Direct labor-Sintering Direct labor-Finishing Total Zeta7: Req 3 Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total Standard Quantity or Hours kilos liters hours hours kilos liters hours hours Reg 1 Standard Price or Rate per kilo per liter per hour per hour per kilo per liter per hour per hour Standard Cost $ $ Req 2 > 0.00 0.00 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 Req 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 < Req 1 Req 3 > 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 Req 2 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 Req 3 Labor efficiency variance Direct Labor Variances-Finishing: Labor rate variance Labor efficiency variance < Req 2 Rog 3 >

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Solution 1 Alpha6 Direct materialsX442 Direct materialsY661 Direct laborSintering Direct laborF... View the full answer