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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 9-21 (Algo) Multiple Products, Materials, and Processes [LO9-4, LO9-5]
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):
Raw Material
Standard Labor Time
Y661
Product
Alphab
Zeta?
X442
1.5 kilos
2.0 liters
3.5 kilos
4.0 liters
Information relating to materials purchased and materials used in production during May follows.
Purchases
14,300 kilos
15,300 liters
Purchase
Cost
$ 57,200
$ 24,480
The following additional information is available:
Material
X442
Y661
Sintering
0.20 hours
0.40 hours
Finishing
0.80 hours
0.90 hours
Standard Price
$ 3.80 per kilo.
$ 1.70 per liter.
Used in Production
8,800 kilos
13,300 liters
a. The company recognizes price variances when Caterials are purchased.
b. The standard labor rate is $20.00 per hour in Sintering and $18.50 per hour in Finishing.
c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $29.640, and 2,880 direct labor-hours were
worked in Finishing at a total labor cost of $59,040
d. Production during May was 1.800 Alpha6s 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.
Complete this question by entering your answers in the tabs below.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae97e129-1b20-4a94-85d7-6595c546c1d3%2Fec89efc8-994f-4bb1-8f56-99dc2e739a6e%2Fkxem5y8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 9-21 (Algo) Multiple Products, Materials, and Processes [LO9-4, LO9-5]
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):
Raw Material
Standard Labor Time
Y661
Product
Alphab
Zeta?
X442
1.5 kilos
2.0 liters
3.5 kilos
4.0 liters
Information relating to materials purchased and materials used in production during May follows.
Purchases
14,300 kilos
15,300 liters
Purchase
Cost
$ 57,200
$ 24,480
The following additional information is available:
Material
X442
Y661
Sintering
0.20 hours
0.40 hours
Finishing
0.80 hours
0.90 hours
Standard Price
$ 3.80 per kilo.
$ 1.70 per liter.
Used in Production
8,800 kilos
13,300 liters
a. The company recognizes price variances when Caterials are purchased.
b. The standard labor rate is $20.00 per hour in Sintering and $18.50 per hour in Finishing.
c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $29.640, and 2,880 direct labor-hours were
worked in Finishing at a total labor cost of $59,040
d. Production during May was 1.800 Alpha6s 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.
Complete this question by entering your answers in the tabs below.
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