Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adorned with two crystals of various colors. Standard costs follow. Silver Crystals Direct labor Standard Quantity 0.50 ounce 2.00 1.50 hours Standard Price (Rate) $ 22.00 per ounce $ 0.35 crystal $ 12.00 per hours Standard Unit Cost $ 11.00 0.70 18.00 During the month of January, Crystal Charm made 1,650 charms. The company used 785 ounces of silver (total cost of $18,055) and 3,350 crystals (total cost of $1,105.50), and paid for 2,625 actual direct labor hours (cost of $30,187.50). Required: 1. Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January. 2. Calculate Crystal Charm's direct labor variances for the month of January. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January. Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Material Price Variance Direct Material Quantity Variance Silver Crystals
Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adorned with two crystals of various colors. Standard costs follow. Silver Crystals Direct labor Standard Quantity 0.50 ounce 2.00 1.50 hours Standard Price (Rate) $ 22.00 per ounce $ 0.35 crystal $ 12.00 per hours Standard Unit Cost $ 11.00 0.70 18.00 During the month of January, Crystal Charm made 1,650 charms. The company used 785 ounces of silver (total cost of $18,055) and 3,350 crystals (total cost of $1,105.50), and paid for 2,625 actual direct labor hours (cost of $30,187.50). Required: 1. Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January. 2. Calculate Crystal Charm's direct labor variances for the month of January. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January. Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Material Price Variance Direct Material Quantity Variance Silver Crystals
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adorned
with two crystals of various colors. Standard costs follow.
Silver
Crystals
Direct labor
Standard Quantity
0.50 ounce
2.00
1.50 hours
Standard Price (Rate)
$ 22.00 per ounce
$ 0.35 crystal
$ 12.00 per hours
Standard Unit
Cost
$ 11.00
0.70
18.00
During the month of January, Crystal Charm made 1,650 charms. The company used 785 ounces of silver (total cost of $18,055) and
3,350 crystals (total cost of $1,105.50), and paid for 2,625 actual direct labor hours (cost of $30,187.50).
Required:
1. Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January.
2. Calculate Crystal Charm's direct labor variances for the month of January.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January.
Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by
selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
Direct Material Price Variance
Direct Material Quantity Variance
Silver
Crystals
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