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Problem 10-10 (Algo) 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 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 Raw Material X442 Y561 1.5 kilos 2.2 liters 3.5 kilos 4.4 liters Standard Labor Tine Sintering Finishing 8.40 hours 0.30 hours 0.30 hours 0.90 hours Information relating to materials purchased and materials used in production during May follows Purchase Standard Used in Material Purchases Cost Price Production X442 14,100 kalon 55.580 13.60 per kilo 0.600 kilos 7661 15,100 liters $21, 140 31.50 per liter 13,100 liters The following additional information is available: a. The company recognizes price variances when materials are purchased b. The standard labor rate is $18.00 per hour in Sintering and $18.00 per hour in Finishing, c. During May, 1250 direct labor-hours were worked in Sintering at a total labor cost of $28.250, and 2,860 direct labor hours were worked in Finishing at a total labor cost of $57,200. d. Production during May was 1,600 Alphabs 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 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 Req 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 kilos per kilo liters per liter hours per hour per hour hours $ 0.00 Alpha 6 Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total Zeta7 Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total kilos liters hours per kilo per liter per hour per hour hours $ 0.00 Req 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. Reg 1 Reg 2 Reg 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 (1.e., zero variance). Input all amounts as positive values.) Direct Material 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 Reda 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 (.e. zero variance). Input all amounts as positive values.) Direct Labor Variances--Sintering Laborrate variance Labor efficiency variance Direct Labor Variances-Finishing Laborrate variance Labor efficiency variance