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Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adornec with two crystals of various colors. Standard costs follow: Silver Crystals Direct labor Standard Quantity 0.50 ounce 7.00 2.00 hours Standard Price (Rate) $25.00 per ounce $0.50 crystal $14.00 per hours During the month of January, Crystal Charm made 1,550 charms. The company used 745 ounces of silver (total cost of $19,370) and 10,900 crystals (total cost of $5,232.00), and paid for 3,250 actual direct labor hours (cost of $43,875.00). 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. Standard Unit Cost $ 12.50 3.50 28.00 Direct Labor Rate Variance Direct Labor Efficiency Variance Required 1 Required 2 Calculate Crystal Charm's direct labor variances 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 (.e., zero variance).

Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adornec with two crystals of various colors. Standard costs follow: Silver Crystals Direct labor Standard Quantity 0.50 ounce 7.00 2.00 hours Standard Price (Rate) $25.00 per ounce $0.50 crystal $14.00 per hours During the month of January, Crystal Charm made 1,550 charms. The company used 745 ounces of silver (total cost of $19,370) and 10,900 crystals (total cost of $5,232.00), and paid for 3,250 actual direct labor hours (cost of $43,875.00). 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. Standard Unit Cost $ 12.50 3.50 28.00 Direct Labor Rate Variance Direct Labor Efficiency Variance Required 1 Required 2 Calculate Crystal Charm's direct labor variances 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 (.e., zero variance).

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: Silver Crystals Direct labor Standard Quantity 0.50 ounce 7.00 2.00 hours Standard Price (Rate) $ 25.00 per ounce $0.50 crystal $14.00 per hours During the month of January, Crystal Charm made 1,550 charms. The company used 745 ounces of silver (total cost of $19,370) and 10,900 crystals (total cost of $5,232.00), and paid for 3,250 actual direct labor hours (cost of $43,875.00). 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. Standard Unit Cost $ 12.50 3.50 28.00 Direct Labor Rate Variance Direct Labor Efficiency Variance Required 1 Required 2 Calculate Crystal Charm's direct labor variances 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 (.e., zero variance). <Required 1
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 7.00 2.00 hours Standard Price (Rate) $ 25.00 per ounce $0.50 crystal $14.00 per hours During the month of January, Crystal Charm made 1,550 charms. The company used 745 ounces of silver (total cost of $19,370) and 10,900 crystals (total cost of $5,232.00), and paid for 3,250 actual direct labor hours (cost of $43,875.00). 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. Standard Unit Cost $ 12.50 3.50 28.00 Direct Labor Rate Variance Direct Labor Efficiency Variance Required 1 Required 2 Calculate Crystal Charm's direct labor variances 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 (.e., zero variance). <Required 1
Silver Crystals Direct labor Standard Quantity 0.50 ounce 7.00 2.00 hours Standard Price (Rate). $25.00 per ounce $ 0.50 crystal $ 14.00 per hours During the month of January, Crystal Charm made 1,550 charms. The company used 745 ounces of silver (total cost of $19,370) and 10,900 crystals (total cost of $5,232.00), and paid for 3,250 actual direct labor hours (cost of $43,875.00). 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 Required 1 Required 2 Calculate Crystal Charm's direct materials variances for silver and crysts 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). Crystals Silver Standard Unit Cost $ 12.50 3.50 28.00 F U Required 2 >
Transcribed Image Text:Silver Crystals Direct labor Standard Quantity 0.50 ounce 7.00 2.00 hours Standard Price (Rate). $25.00 per ounce $ 0.50 crystal $ 14.00 per hours During the month of January, Crystal Charm made 1,550 charms. The company used 745 ounces of silver (total cost of $19,370) and 10,900 crystals (total cost of $5,232.00), and paid for 3,250 actual direct labor hours (cost of $43,875.00). 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 Required 1 Required 2 Calculate Crystal Charm's direct materials variances for silver and crysts 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). Crystals Silver Standard Unit Cost $ 12.50 3.50 28.00 F U Required 2 >
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