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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: Standard Quantity 0.25 oz. 4.00 Silver Crystals Direct labor 2.00 hrs. Standard Price (Rate) $29.00 per oz. $ 0.40 crystal $18.00 per hr. Standard Unit Cost $ 7.25 1.60 36.00 During the month of January, Crystal Charm made 1,600 charms. The company used 375 ounces of silver (total cost of $11,250) and 6,450 crystals (total cost of $2,451.00), and paid for 3,350 actual direct labor hours (cost of $58,625.00). 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.

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: Standard Quantity 0.25 oz. 4.00 Silver Crystals Direct labor 2.00 hrs. Standard Price (Rate) $29.00 per oz. $ 0.40 crystal $18.00 per hr. Standard Unit Cost $ 7.25 1.60 36.00 During the month of January, Crystal Charm made 1,600 charms. The company used 375 ounces of silver (total cost of $11,250) and 6,450 crystals (total cost of $2,451.00), and paid for 3,350 actual direct labor hours (cost of $58,625.00). 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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: Standard Quantity 0.25 oz. 4.00 Silver Crystals. Direct labor 2.00 hrs. Standard Price. (Rate) $29.00 per oz. $ 0.40 crystal $18.00 per hr. During the month of January, Crystal Charm made 1,600 charms. The company used 375 ounces of silver (total cost of $11,250) and 6,450 crystals (total cost of $2,451.00), and paid for 3,350 actual direct labor hours (cost of $58,625.00). Required 1 Required 2 Standard Unit Cost $7.25 1.60 36.00 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. Direct Material Price Variance Direct Material Quantity Variance Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January. (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).) Silver F Crystals
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: Standard Quantity 0.25 oz. 4.00 Silver Crystals. Direct labor 2.00 hrs. Standard Price. (Rate) $29.00 per oz. $ 0.40 crystal $18.00 per hr. During the month of January, Crystal Charm made 1,600 charms. The company used 375 ounces of silver (total cost of $11,250) and 6,450 crystals (total cost of $2,451.00), and paid for 3,350 actual direct labor hours (cost of $58,625.00). Required 1 Required 2 Standard Unit Cost $7.25 1.60 36.00 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. Direct Material Price Variance Direct Material Quantity Variance Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January. (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).) Silver F 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: Standard Quantity 0.25 oz. 4.00 Silver Crystals Direct labor 2.00 hrs. Standard Price (Rate) During the month of January, Crystal Charm made 1,600 charms. The company used 375 ounces of silver (total cost of $11,250) and 6,450 crystals (total cost of $2,451.00), and paid for 3,350 actual direct labor hours (cost of $58,625.00). Required 1 Required 2 $29.00 per oz. $ 0.40 crystal $18.00 per hr. 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. ……….. Standard Unit Cost $7.25 1.60 36.00 Complete this question by entering your answers in the tabs below. Direct Labor Rate Variance Direct Labor Efficiency Variance Calculate Crystal Charm's direct labor variances for the month of January. (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).)
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: Standard Quantity 0.25 oz. 4.00 Silver Crystals Direct labor 2.00 hrs. Standard Price (Rate) During the month of January, Crystal Charm made 1,600 charms. The company used 375 ounces of silver (total cost of $11,250) and 6,450 crystals (total cost of $2,451.00), and paid for 3,350 actual direct labor hours (cost of $58,625.00). Required 1 Required 2 $29.00 per oz. $ 0.40 crystal $18.00 per hr. 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. ……….. Standard Unit Cost $7.25 1.60 36.00 Complete this question by entering your answers in the tabs below. Direct Labor Rate Variance Direct Labor Efficiency Variance Calculate Crystal Charm's direct labor variances for the month of January. (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).)
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