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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Please don't give image based answer..thanku
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
Transcribed Image Text: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
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
Transcribed Image Text: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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education