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 | 0.25 | ounce | $ 20.00 | per ounce | $ 5.00 |
| Crystals | 2 | $ 0.25 | crystal | 0.50 | |
| Direct labor | 1.5 | hours | $ 15.00 | per hours | 22.50 |
During the month of January, Crystal Charm made 1,800 charms. The company used 420 ounces of silver (total cost of $9,240) and 3,650 crystals (total cost of $803), and paid for 2,880 actual direct labor hours (cost of $42,480).
Required:
- Calculate Crystal Charms direct materials variances for silver and crystals for the month of January.
- Calculate Crystal Charms direct labor variances for the month of January.
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