PROBLEM 101 0 Multiple Products, Materials, and Processes LO101, LO102 Mickley Corporation produces two products, Alphas and Zeta7s, which pass through two opera- tions, 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): Raw Material Standard Labor Time Product X442 Y661 Sintering Finishing AlphaG ............ 1.8 kilos 2.0 liters 0.20 hours 0.80 hours Zeta? ............. 3.0 kilos 4.5 liters 0.35 hours 0.90 hours Information relating to materials purchased and materials used in production during May follows: Material Purchases Purchase Cost Standard Price Used in Production X442 .............. 14,500 kilos $52,200 $3.50 per kilo 8,500 kilos Y661 .............. 15,500 liters $20,925 $1.40 per liter 13,000 liters The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $19.80 per hour in Sintering and $19.20 per hour in Finishing. 0. During May, 1,200 direct labor-hours were worked in Sintering at a total labor cost of $27,000, and 2,850 direct labor-hours were worked in Finishing at a total labor cost of $59,850. d. Production during May was 1,500 Alpha6s and 2,000 Zeta7s. Required: 1. Prepare a stande 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