Crystal Charm Company makes handcrafted silver charms that a tech to Jewelry suc

Question

Crystal Charm Company makes handcrafted silver charms that a tech to Jewelry such es?necklace or bracelet. Each derrn is adorned with two crystals of various colors. Standard costs follow QuantityStandard (Rate) 0.50 oz. $28.00 per oz. 3.00 $035 per crystal 1.50 hrs. $17.00 per hr Unit S 14.00 Crystals Direct labor 25.50 During the month of January, Crystal Charm made 1,580 charms. The company used 755 ounces of silver (total cost of $21,895) and 4,790 crystals (total cost of $1,580.70), and paid for 2,520 actual direct labor hours (cost of $41,580.00) Required 1. 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.) Silver Crystals Dircct Material Price Vaniance Direct Material Quantity Variance 2. Calculate Crystal Cham's die for unfavorable.) abor variances ?month or January Round your intermediate calculations and final answers o 2 decimal places ndicate the effec of each variance by selecting F orfavorable U Direct Labor Rate Variance Direct Labor Efficiency Variance

Explanation / Answer

Direct materials price variance: Silver 755 U =21895-(755*28) Crystals 95.8 F =1580.7-(4790*0.35) Direct materials quantity variance: Silver 980 F =28*(755-1580*0.5) Crystals 17.5 U =0.35*(4790-1580*3) 2 Direct labor rate variance 1260 F =41580-(2520*17) Direct labor efficiency variance 2550 U =17*(2520-1580*1.5)

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