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. Eachcharm is adorned with two crystals of various colors. Standard costs follow:SilverStandardQuantity0.30Crystals 7.00Directlabor2.00OZ.hrs.Standard StandardPrice(Rate)UnitCost$Ś$27.000.3017.00perOZ.crystalperhr.$ 8.102.1034.00During the month of January, Crystal Charm made 1,610 charms. The company used 458 ounces of silver (total cost of$12,824) and 11,320 crystals (total cost of $3,169.60), and paid for 3,370 actual direct labor hours (cost of $55,605.00).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.

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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. Eachcharm is adorned with two crystals of various colors. Standard costs follow:SilverStan

Variance arises when the actual costs differ from the standard costs. The results are favorable…

Business

Accounting

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 Standard Quantity 0.30 Crystals 7.00 Direct labor 2.00 OZ. hrs. Standard Standard Price Unit (Rate) Cost $ $ $ per OZ. 0.30 crystal 27.00 17.00 per hr. $ 8.10 2.10 34.00 During the month of January, Crystal Charm made 1,610 charms. The company used 458 ounces of silver (total cost of $12,824) and 11,320 crystals (total cost of $3,169.60), and paid for 3,370 actual direct labor hours (cost of $55,605.00). 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: Silver Standard Quantity 0.30 Crystals 7.00 Direct labor 2.00 OZ. hrs. Standard Standard Price Unit (Rate) Cost $ $ $ per OZ. 0.30 crystal 27.00 17.00 per hr. $ 8.10 2.10 34.00 During the month of January, Crystal Charm made 1,610 charms. The company used 458 ounces of silver (total cost of $12,824) and 11,320 crystals (total cost of $3,169.60), and paid for 3,370 actual direct labor hours (cost of $55,605.00). 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.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter18: Pricing And Profitability Analysis

Section: Chapter Questions

Problem 14E: Many different businesses employ markup on cost to arrive at a price. For each of the following...

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