Please do not give solution in image format thanku Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adornedwith two crystals of various colors. Standard costs follow:StandardQuantity0.25 oz.4.00SilverCrystals.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) and6,450 crystals (total cost of $2,451.00), and paid for 3,350 actual direct labor hours (cost of $58,625.00).Required 1 Required 2StandardUnit Cost$7.251.6036.00Required: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 VarianceDirect Material Quantity VarianceCalculate Crystal Charm's direct materials variances for silver and crystals for the month of January. (Round yourintermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)SilverFCrystals Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adornedwith two crystals of various colors. Standard costs follow:StandardQuantity0.25 oz.4.00SilverCrystalsDirect 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) and6,450 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.………..StandardUnit Cost$7.251.6036.00Complete this question by entering your answers in the tabs below.Direct Labor Rate VarianceDirect Labor Efficiency VarianceCalculate Crystal Charm's direct labor variances for the month of January. (Round your intermediate calculations and finalanswers 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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Description: Please do not give solution in image format thanku Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adornedwith two crystals of various colors. Standard costs follow:StandardQu

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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 & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter22: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 5CPP: Genuine Spice Inc. began operations on January 1 of the current year. The company produces 8-ounce...

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E9-6 (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: Silver Crystals Direct labor Standard Quantity 0.35 ounce 4.00 1.50 hours Standard Price (Rate) Standard Unit Cost $ 22.00 per ounce $ 0.35 crystal $ 11.00 per hours $ 7.70 1.40 16.50 During the month of January, Crystal Charm made 1,520 charms. The company used 507 ounces of silver (total cost of $11,661) and 6,130 crystals (total cost of $2,022.90), and paid for 2,430 actual direct labor hours (cost of $25,515.00). 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. Required 1 Required 2 Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January.…
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 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…
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.…
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 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 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 A—Break-Even Analysis The management…
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 oz. $0.02 $ 2.00 Natural oils Variable 30 oz. 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 The management of Genuine Spice…
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 oz. $0.02 $ 2.00 Natural oils Variable 30 oz. 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…