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) 0.65 oz. $25.00 per oz. Silver Crystals 5.00 $0.50 crystal Direct labor 2.00 hrs. $15.00 per hr. 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.
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) 0.65 oz. $25.00 per oz. Silver Crystals 5.00 $0.50 crystal Direct labor 2.00 hrs. $15.00 per hr. 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.
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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:
Standard
Quantity
0.65 oz.
Silver
Crystals
5.00
Direct labor 2.00 hrs.
Standard Price
(Rate)
$25.00 per oz.
$0.50 crystal
$15.00 per hr.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1f14f6a-a7ed-4f11-b158-04de0a533a47%2Ff902039a-ac43-4fd4-adb2-46b40b9bed0f%2Fqctzchb_processed.png&w=3840&q=75)
Transcribed Image Text: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:
Standard
Quantity
0.65 oz.
Silver
Crystals
5.00
Direct labor 2.00 hrs.
Standard Price
(Rate)
$25.00 per oz.
$0.50 crystal
$15.00 per hr.
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.
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