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. Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Eachof the products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standardsfor each product (on a per unit basis):Raw MaterialStandard Labor TimeProductAlpha6Zeta7Sintering0.40 hours0.10 hoursFinishing0.80 hours0.60 hoursX442Y6612.0 liters4.0 liters1.2 kilos3.0 kilosInformation relating to materials purchased and materials used in production during May follows:Purchases14,500 kilos15,500 litersStandard Price$ 4.00 per kilo$ 1.90 per literUsed in Production9,000 kilos13,500 litersMaterialPurchase Cost$ 60,900$ 27,900X442Y661The following additional information is available: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 wereworked in Finishing at a total labor cost of $62,350.d. Production during May was 2,000 Alpha6s and 2,250 Zeta7s.

Name: 1. Complete the standard cost card for each product, showing the stand
Uploaded: 2024-03-20T06:33:06.000Z
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Description: 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 op