9 value 2.00 points Mickley Corporation produces two products, Alpha6s and Zeta7

Question

9 value 2.00 points 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 Product Alpha6 Zeta7 Finishing X442 3.0 kilos 5.0 kilos Y661 2.0 liters 5.0 liters Sintering 0.40 hours 1.00 hours 0.50 hours 120 hours Information relating to materials purchased and materials used in production during May follows Standard Price Used in Production 10,200 kilos 14,700 liters Purchase Material X442 Y661 Purchases 15,700 kilos 16,700 liters 0S $51,810 3.10 per kilo $20,040 1.30 per liter The following additional information is available a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $23.00 per hour in Sintering and $21.50 per hour in Finishing c. During May, 1,450 direct labor-hours were worked in Sintering at a total labor cost of $35,090, and 3,020 direct labor-hours were worked in Finishing at a total labor cost of $70,970. d. Production during May was 2,300 Alpha6s and 700 Zeta7s Requied 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. (Round your answers to 2 decimal places.) Standa Standa Cost Quantity or Hours Price or Rate Alpha6 Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total kilos liters hours hours per kilo per liter per hour per hour $ 0.00 Zeta7 Direct materials-X442 Direct materials-Y661 Direct labor-Sintering Direct labor-Finishing Total kilos liters hours hours per kilo per liter per hour per hour $ 0.00

Explanation / Answer

Solution - Standard cost card of each product

Note - Standard cost card is Standard cost of Material, labour and other expenses multiplied by standard rate.

Particulars Standard quantity/Hours Standard price or rate Standard cost Alpha6: Direct material x442 3.0 Kilo $3.1 Per kilo $9.3 Direct material Y661 2.0 Litre $1.3 Per litre $2.6 Direct labour - Sintering 0.4 Hours $23 per hour $9.2 Direct labour -Finishing 1.0 Hours $21.5 per hour $21.5 Total Standard cost $42.6 Zeta 7 Direct material - x442 5.0 kilo $3.1 per kilo $15.5 Direct material - Y661 5.0 Litre $1.3 Per litre $6.5 Direct labour -Sintering 0.5 Hour $23 per hour $11.5 Direct Labour - Finishing 1.2 Hour $21.5 per hour $25.8 Total standard cost $59.3

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