Please Complete all requirement and Do not Give Image format Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each ofthe products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standards foreach product (on a per unit basis):ProductAlpha6Zeta7Raw MaterialX4422.5 kilosY6612.5 liters4.5 kilos 4.5 liters0.90 hours0.80 hoursInformation relating to materials purchased and materials used in production during May follows:MateriaX442Used in Production10,500 kilos15,000 litersY661Purchases16,000 kilos17,000 litersThe following additional information is available:Req 1Standard Labor TimeFinishingSintering0.40 hours0.35 hoursPurchase Cost$ 57,600$ 25,500a. The company recognizes price variances when materials are purchased.b. The standard labor rate is $22.00 per hour in Sintering and $21.00 per hour in Finishing.c. During May, 1,400 direct labor-hours were worked in Sintering at a total labor cost of $34,300, and 3,050 direct labor-hours wereworked in Finishing at a total labor cost of $70,150.d. Production during May was 2,600 Alpha6s and 1,000 Zeta7s.Reg 2Required:1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor.2. Compute the materials price and quantity variances for each material.3. Compute the labor rate and efficiency variances for each operation.Standard Price$ 3.40 per kilo$ 1.60 per literComplete this question by entering your answers in the tabs below.Req 3Tit** *** Complete this question by entering your answers in the tabs below.Req 1AlphaßComplete the standard cost card for each product, showing the standard cost of direct materials and direct labor. (Round youranswers to 2 decimal places.)Reg 2Direct materials-X442Direct materials-Y661Direct labor-SinteringDirect labor-FinishingTotalZeta7:Direct materials-X442Direct materials-Y661Direct labor-SinteringDirect labor-FinishingTotalReg 3Show Transcribed TextStandardQuantity or HoursMaterials price varianceMaterials quantity varianceReq 1Show Transcribed TextDirect Materials Variances-Material X442Materials price varianceMaterials quantity varianceDirect Materials Variances-Material Y661:Req 2kilositershourshourskiloslitershourshoursReq 3Direct Labor Variances-Sintering:Labor rate varianceLabor efficiency varianceDirect Labor Variances-Finishing:Labor rate varianceLabor efficiency varianceStandardPrice or RateComplete this question by entering your answers in the tabs below.Req 1Req 2Compute the materials price and quantity variances for each material. (Indicate the effect of each variance by selecting "F" tfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)per kiloper iterper hourper hourReg 3per kiloper terper hourper hour< Req1StandardCost+$$Complete this question by entering your answers in the tabs below.Reg 2 >< Req 20.000.00Compute the labor rate and efficiency variances for each operation. (Indicate the effect of each variance by selecting "F" Ifavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)Req3 >Reg 3 >

Material price variance = (AQ x SP) - (AQ x AP) Material quantity variance = (SQ x SP) - (AQ x SP)

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 Zeta7 Raw Material X442 2.5 kilos Y661 2.5 liters 4.5 kilos 4.5 liters 0.90 hours 0.80 hours Information relating to materials purchased and materials used in production during May follows: Materia X442 Used in Production 10,500 kilos 15,000 liters Y661 Purchases 16,000 kilos 17,000 liters The following additional information is available: Req 1 Standard Labor Time Finishing Sintering 0.40 hours 0.35 hours Purchase Cost $ 57,600 $ 25,500 a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $21.00 per hour in Finishing. c. During May, 1,400 direct labor-hours were worked in Sintering at a total labor cost of $34,300, and 3,050 direct labor-hours were worked in Finishing at a total labor cost of $70,150. d. Production during May was 2,600 Alpha6s and 1,000 Zeta7s. Reg 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. Standard Price $ 3.40 per kilo $ 1.60 per liter Complete this question by entering your answers in the tabs below. Req 3 titit ww THE

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q