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) Bow Material Product Alphab Zeta? Finishing 0.00 hours e.se hours Information relating to materials purchased and materials used in production during May follows: Material X442 Standard Price $ 4.00 per kile Used In Production 9,000 kilos 13,500 liters V641 $ 1.50 per liter X442 3.2 kilos 3.0 kilos Y661 2.0 liters 4.0 liters Purchases 14,500 kilos 15,500 liters Reg 1 Purchase Cost $ 60,900 $ 27,900 The following additional information is available: Standard Laber Tise Sintering 0.40 hours 9.10 hours a. The company recognizes price variances when materials are purchased b The standard labor rate is $21.00 per hour in Sintering and $19.50 per hour in Finishing c. During May, 1.250 direct labor-hours were worked in Sintering at a total labor cost of $28.750, and 2.900 direct labor-hours were worked in Finishing at a total labor cost of $62.350 d. Production during May was 2,000 Alpha6s and 2.250 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 Req 2 Complete this question by entering your answers in the tabs below. Peq3 Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor, Note: Round your answers to 2 decimal places Standard Standard Standard
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![c. During May, 1,250 direct labor-hours were worked in Sintering at a total labor cost of $28/50, and 2,900 direct labor-hours were
worked in Finishing at a total labor cost of $62,350.
d. Production during May was 2,000 Alpha6s and 2,250 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.
Complete this question by entering your answers in the tabs below.
Reg 1
Req 2
Compute the materials price and quantity variances for each material.
Note: 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 3
Req 1
c. During May, 1,250 direct labor-hours were worked in Sintering at a total labor cost of $28,/50, and 2,900 direct labor-hours were
worked in Finishing at a total labor cost of $62,350.
d. Production during May was 2,000 Alpha6s and 2,250 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.
Reg 2
Complete this question by entering your answers in the tabs below.
< Req 1
Direct Labor Variances-Sintering
Labor rate variance
Labor efficiency variance
Direct Labor Variances-Finishing
Labor rate variance
Labor efficiency variance
Req 3 >
Req 3
Compute the labor rate and efficiency variances for each operation.
Note: 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.
< Req 2
R3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd4fb3069-3205-4768-a97a-1b3924eeeda6%2F72d35549-a2cc-4010-a8c9-1c5cbc1af176%2F4q3v1md_processed.jpeg&w=3840&q=75)
![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
Alphab
Zeta?
Material
X442
V641
X442
3.2 kilos
3.0 kilos
0.00 hours
e.se hours
Information relating to materials purchased and materials used in production during May follows:
Bow Material
Purchase Cost
$ 60,900
$ 27,900
The following additional information is available:
Req 1
Purchases
14,500 kilos
15,500 liters
Req 1
V661
2.0 liters
4.0 liters
a. The company recognizes price variances when materials are purchased
b The standard labor rate is $21.00 per hour in Sintering and $19.50 per hour in Finishing
c. During May, 1.250 direct labor-hours were worked in Sintering at a total labor cost of $28.750, and 2,900 direct labor-hours were
worked in Finishing at a total labor cost of $62.350
d. Production during May was 2,000 Alpha6s and 2.250 Zeta7s
Alphab
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 2
Zeta7
Sintering
0.40 hours
9.10 hours
Req 2
Direct materials X442
Direct materials-Y661
Direct labor-Sintering
Direct labor-Finishing
Total
Peq3
Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor.
Note: Round your answers to 2 decimal places.
Standard
Standard Laber Time
Direct materials-X442
Direct materials-Y661
Direct labor-Sintering
Direct labor-Finishing
Total
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.
Finishing
Complete this question by entering your answers in the tabs below.
Req 3
Standard Price
$ 4.00 per kile
$ 1.50 per liter
Standard
Quantity or Hours
Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor.
Note: Round your answers to 2 decimal places.
kilos
ters
hours
hours
Standard
kilos
iters
hours
hours
Used In Production
9,000 kilos
13,500 liters
Standard
Standard
Price or Rate
per kilo
per liter
per hour
per hour
per kilo
per liter
per hour
per hour
Standard
Cost
$
S
Req 2 >
0.00
0.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd4fb3069-3205-4768-a97a-1b3924eeeda6%2F72d35549-a2cc-4010-a8c9-1c5cbc1af176%2F4rpmtoj_processed.jpeg&w=3840&q=75)
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