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 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 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 …

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 compari…