Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace...
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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 Standard Price (Rate) Standard Unit Cost Silver 0.45 ounce $ 24.00 per ounce $ 10.80 Crystals 6.00 $ 0.45 crystal 2.70 Direct labor 1.50 hours $ 13.00 per hours 19.50 During the month of January, Crystal Charm made 1,540 charms.
The company used 663 ounces of silver (total cost of $16,575) and 9,290 crystals (total cost of $3,994.70), and paid for 2,460 actual direct labor hours (cost of $30,750.00).
Calculate Crystal Charms direct materials variances for silver and crystals for the month of January. (Note: 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, and "None" for no effect (i.e., zero variance).)
Calculate Crystal Charms direct labor variances for the month of January. (Note: 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, and "None" for no effect (i.e., zero variance).)
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