Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adorne with two crystals of various colors. Standard costs follow Silver Crystals Direct labor Standard Quantity 0.65 ounce 5.00 2.00 hour's Standard Price (Rate) $25.00 per ounce $0.50 crystal $15.00 per hours Standard Unit Cost $ 16.25 2.50 30.00 During the month of January, Crystal Charm made 1,500 charms. The company used 935 ounces of silver (total cost of $24,310) and 7,550 crystals (total cost of $3,624.00), and paid for 3,150 actual direct labor hours (cost of $45,675.00) 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
Q: Tamarisk Company is considering two different, mutually exclusive capital expenditure proposals.…
A: Net Present Value :— It is the sum of all present value of future cash flows. NPV is used for…
Q: Jin Company’s income tax return showed taxable income of P4,000,000 on which a tax liability of…
A: Taxable Income: P4,000,000 Accelerated Depreciation: P500,000 Financial Depreciation: P400,000…
Q: A Corporation has 6,000 shares of P100 par value Ordinary Share Capital and reacquires 1,000 shares…
A: Treasury stock: Shares which are bought back by the company from the open…
Q: Strickland Industries purchased a 30% interest in Spartan, Inc. for P600,000. Spartan, Inc. has…
A: Investments is one of the important asset of the business. It can be by purchasing shares, bonds or…
Q: DEF Corporation currently have Ordinary Share Capital, P 20 par, 50,000 shares and replace it by…
A: Preference shares and Ordinary shares are two type of shares being issued by the company for raising…
Q: On June 1, 2020, Golden Warriors Corporation declared a share capital dividend entitling its…
A: Given, Market Value per share = P100 Par value per share = P50 Shares issued = 65,000 Shares in the…
Q: create a general ledger account for each account. Post the journal entries. Enter the following…
A: Computation of Supplies expenses for the month of October Supplies Expenses of October Month =…
Q: Required information [The following information applies to the questions displayed below.] Ramirez…
A: Depreciation is calculated to capture the wear and tear of the assets for the purpose of generating…
Q: 2. Alliss Limited manufactures de-luxe juicing machines. Each machine has a wholesale price of £225.…
A: Workings: Budgeted Contribution Margin=Selling price-Variable cost per unit×Budgeted Units Net…
Q: 06 Gomez is considering a $250,000 investment with the following net cash flows. Gomez requires a 9%…
A: Present value of Cash Inflow = The Current Value of the Future Sum of Money. PV of Cash Inflow :—…
Q: Ada, Bea, Cindy and Diane are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21.…
A: Partnership is a kind of business entity wherein two or more than two persons run a business…
Q: Bill and Brittany's father, Stuart, died in January 2021. Under Stuart's will, Stuart gave Bill his…
A: When assets are sold within 2 years from the date of acquisition, it is termed as short term capital…
Q: Dynamic Company has only Job 844 in process on March 1 of the current year. The job has been charged…
A: Over applied overhead is the term for when manufacturing overhead costs are ascribed to produced…
Q: ! Required information [The following information applies to the questions displayed below.] Ramirez…
A: Step2 in the solution.
Q: Mickey Mouse Co. purchased equipment on January 1, 2019, at a cost of $50,000. Depreciation for 2019…
A: Introduction: Depreciation is a method of accounting that allocates the cost of a tangible or…
Q: Inventory turnover indicates Group of answer choices the pattern of transferring units costs from…
A: Ratio analysis is one of the important tool used in management accounting. Efficiency ratios is one…
Q: + Name Penny Bart Laura Sam Lisa Bart: Penny: 40 regular hours * $15 = $600 2 overtime hours *…
A: Gross pay = Total Normal wage payment + Total Overtime Payment + Commission on sales As per…
Q: Change in Sales Mix and Contribution Margin Head Pops Inc. manufactures two models of solar-powered,…
A: Lets understand the basics. When there is excess capacity available then management may decide to…
Q: Rusty, Inc. is the sole distributor of a computer product that sells for $50 per unit, and has a…
A: Marginal Costing - Marginal Costing is good method used to calculate cost of each additional unit…
Q: Throughout this book, emphasis has been placed on the concept of independence as the most…
A: Answer:- Auditor meaning:- An auditor is that person who is authorized to examine and verify the…
Q: How much was the increase (decrease) in the total Additional Paid In Capital?
A: Given in the question: Number of shares donated = 5,000 The share price at the time when those…
Q: Harrison Co. owns 20,000 of the 50,000 outstanding ordinary shares of Taylor, Inc. During 2021,…
A: The holding of share are considered as the investment and the balance of investment can be…
Q: What does the rule of 72 show as an approximate number of years? Selected answer will be…
A: Compounding is the process in which interest is credited on the principal amount as well as the…
Q: Please help on parts 4 and 5. Please also show work on how to do.
A: Solution 4: No, we would not recommend closing the North Store as there is net financial…
Q: Identify the following as either an advantage (A) or a disadvantage (D) of bond financing for a…
A: Bond financing refers To the borrowing for the long term that is used by the state and local…
Q: Is there a balance sheet for Aunt Ibby's Styling Salon?
A: Given that, Net income = $13,710 Ending capital = $4,475 Drawings= $12,000 Styling supplies = $50…
Q: Eddy Co. is indebted to Cole under a P400,000, 12%, three-year note dated December 31, 2019. Because…
A: Indebted Amount: P400,000 Accrued Interest: P48,000 Fair Value of land: P360,000 Acquisition cost of…
Q: he following accounts and balances are taken from the books of Bosox Company which…
A: Cost of goods sold is the actual cost of goods that is being sold to the customers. Gross profit is…
Q: Refer to the following selected financial information from Texas Electronics. Compute the company's…
A:
Q: ABC Corporation reported a profit of P7,500,000 as of December 31, 2022. The company has the…
A: Earnings per share is one of the important calculation in business. It shows how much net income or…
Q: Hepburn Company bought a copyright for $120,000 on January 1, 2018, at which time the copyright had…
A: In straight line depreciation we assume there is uniform annual depreciation of assets and it is…
Q: Read the following article (abridged) from the Financial Times and estimate the valuation loss…
A: Here discuss about the details of the valuation loss which are incurred in the investment in Klarna…
Q: Required information [The following information applies to the questions displayed below.] Legacy…
A: The bonds are issued at par, premium or discount on the basis of market rate of bonds payable. If…
Q: Randall Company manufactures products to customer specifications. A job costing system is used to…
A: Overhead cost is applied on an estimated basis, based on direct labor cost (in this question).…
Q: What is the approximate annual cost of foregoing the cash discount if the credit term is 2/15, net…
A: Cash discount is one of the type of discount which is given to customers in order to influence them…
Q: Haughton Company uses a job costing system for its production costs and a predetermined factory…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: C. M. Fly, owner of Falcon Aircraft Co., is preparing the accounting record for the year just ended.…
A: Overhead cost is applied to the production on an estimated basis. Predetermined overhead rate =…
Q: What are all the entries relating to the equipment in the general journals of Peter’s financial…
A: Assets are depreciated every year due to their wear and tear during the year. Depreciation represent…
Q: On January 1, 2021, Lorry Manufacturing Company purchased equipment from Wales Inc. There was no…
A: Lets understand the basics. When asset is purchased using zero interest bearing notes payable then…
Q: On November 1, 2021, Americo, Corporation purchased wine on credit from Venezia Company for…
A: Forward contract is a derivative instrument which is made for the purpose of selling or purchasing…
Q: The total factory overhead applied during September is:
A: Predetermined overhead Rate = Estimated Factory Overhead/Estimated Direct Labor hours Total Factory…
Q: Identify which of the following statements are true for the corporate form of organization. (You may…
A: A corporation is a legal entity that is different from its owners and exists independently from…
Q: The management of Boogie Company thinks that its total costs of quality can be reduced by increasing…
A: There are 4 types of cost of quality categories Prevention Costs Appraisal Costs Cost due to…
Q: Barbara and Hannah are partners who run an accounting and tax consultancy business. The partners…
A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31,…
A: Net income is a company's revenue that includes all of the revenues received and expenses incurred…
Q: A company is considering buying a part that they currently make for one of their products. The costs…
A: Introduction: The tangible elements that go into creating a product are referred to as direct…
Q: Why is the identification of favorable and unfavorable variances so important to a company? How can…
A: Introduction: Every business creates Standard Costs for a range of goods and services. It uses these…
Q: Next to the following list of eight characteristics of business organizations, select a brief…
A: Business Organisation :— Business organisation Provides Goods & Services to their Customers as…
Q: Dorsey Company manufactures three products from a common input in a joint processing operation.…
A: Products can either be sold at split off point or can be processed further and then sold after…
Q: The transaction price: A) Is always the price that competitors see. B) May include a trade…
A: Price: It implies to an estimated amount of money that acts as consideration in sale or purchase of…
Account question
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 0.65 oz. 5.00 Standard (Rate) $25.00 per oz. $ 0.50 per crystal 2.00 hrs. $15.00 per hr. During the month of January, Crystal Charm made 1,500 charms. The company used 935 ounces of silver (total cost of $24,310) and 7,550 crystals (total cost of $3,624.00), and paid for 3,150 actual direct labor hours (cost of $45,675.00). Standard Unit Cost $16.25 2.50 30.00 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.) Direct Material Price Variance Direct Material Quantity Variance Silver CrystalsE9-6 (Algo) Calculating Direct Materials and Direct Labor Variances [LO 9-3, 9-4] 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 0.35 ounce 6.00 2.00 hours Standard Price (Rate) $31.00 per ounce $0.50 crystal $ 20.00 per hours During the month of January, Crystal Charm made 1,620 charms. The company used 542 ounces of silver (total cost of $17,344) and 9,770 crystals (total cost of $4,689.60), and paid for 3,390 actual direct labor hours (cost of $66,105.00). Complete this question by entering your answers in the tabs below. 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. Direct Material Price Variance Direct Material Quantity Variance Standard Unit Cost…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 Standard Price (Rate) Standard Unit Cost Silver 0.65 ounce $25.00 per ounce $16.25 Crystals 5.00 $0.50 crystal $2.50 Direct labor 2.00 hours $15.00 per hours $30.00 During the month of January, Crystal Charm made 1,500 charms. The company used 935 ounces of silver (total cost of $24,310) and 7,550 crystals (total cost of $3,624.00), and paid for 3,150 actual direct labor hours (cost of $45,675.00). Calculate Crystal Charm’s direct materials variances for silver and crystals for the month of January. 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 Standard Price Standard Quantity e.50 oz. Unit Cost $14.00 (Rate) $28.00 per oz. $ 8.35 crystal 1.50 hrs. $17.00 per hr. Silver Crystals Direct labor 3.00 1.85 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). | cost Requlred: 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.…Wonderland Company produces jewelry. The table below shows the data for the month in production of bracelets: Direct Materials Direct Labor Actual price per unit of input 0.45 0.60 Std price per unit of input 0.55 0.45 Actual units of input 385,000.00 525,800.00 Actual units of output 150,000.00 150,000.00 It takes 15 units of direct materials and 3 hrs to produce 5 rings. Required: Compute for the Material Price, Efficiency and Flexible Budget Variance as well as the Labor Rate, Efficiency and Flexible Budget Variance. Please use 2 decimal places. Indicate "U" for Unfavorable and "F" if Favorable. Amount (2 decimal places) U or F MPV MEV MFBV LRV LEV LFBV do not give solution in image formatGenuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows:DIRECT MATERIALSCost Behavior Units per Case Cost per Unit Cost per CaseCream base Variable 100 oz. $0.02 $ 2.00Natural oils Variable 30 oz. 0.30 9.00Bottle (8-oz.) Variable 12 bottles 0.50 6.00$17.00DIRECT LABORDepartment Cost Behavior Time per Case Labor Rate per Hour Cost per CaseMixing Variable 20 min. $18.00 $6.00Filling Variable 5 14.40 1.2025 min. $7.20FACTORY OVERHEADCost Behavior Total CostUtilities Mixed $600Facility lease Fixed 14,000Equipment depreciation Fixed 4,300Supplies Fixed 660$19,560Part A—Break-Even AnalysisThe management of Genuine Spice Inc. wants to determine the number of cases required to break even per…
- Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Cost per Case Cream base Variable 100 ozs. $0.02 $ 2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Cost per Case Mixing Variable 20 min $18.00 $6.00 Filling Variable 5 14.40 1.20 25 min. $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed 14,000 Equipment depreciation Fixed 4,300 Supplies Fixed 660 $19,560 Part C—August Variance Analysis During…Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Cost per Case Cream base Variable 100 ozs. $0.02 $ 2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Cost per Case Mixing Variable 20 min $18.00 $6.00 Filling Variable 5 14.40 1.20 25 min. $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed 14,000 Equipment depreciation Fixed 4,300 Supplies Fixed 660 $19,560 Part B—August Budgets During July of the…Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Cost per Case Cream base Variable 100 ozs. $0.02 $ 2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Cost per Case Mixing Variable 20 min $18.00 $6.00 Filling Variable 5 14.40 1.20 25 min. $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed 14,000 Equipment depreciation Fixed 4,300 Supplies Fixed 660 $19,560 Part B—August Budgets During July of the…
- Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Cost per Case Cream base Variable 100 ozs. $0.02 $ 2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Cost per Case Mixing Variable 20 min $18.00 $6.00 Filling Variable 5 14.40 1.20 25 min. $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed 14,000 Equipment depreciation Fixed 4,300 Supplies Fixed 660 $19,560 Part A—Break-Even Analysis The management…Genuine Spice Inc. began operations on January 1 of the current year. The company produces 8-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: Products CostBehavior Units per Case Cost per Unit Direct Materials Cost per Case Cream base Variable 100 ozs. $0.02 $2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 Total direct materials cost per case $17.00 Department Cost Behavior Time per Case Labor Rate per Hour Direct Labor Cost per Case Mixing Variable 20 min. $18.00 $6.00 Filling Variable 5 min. 14.40 1.20 Total direct labor cost per case 25 min. $7.20 Line Item Description Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed…Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Cost per Case Cream base Variable 100 ozs. $0.02 $ 2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Cost per Case Mixing Variable 20 min $18.00 $6.00 Filling Variable 5 14.40 1.20 25 min. $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed 14,000 Equipment depreciation Fixed 4,300 Supplies Fixed 660 $19,560 Part C—August Variance Analysis During…