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Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adorne with two crystals of various colors. Standard costs follow Silver Crystals Direct labor Standard Quantity 0.65 ounce 5.00 2.00 hour's Standard Price (Rate) $25.00 per ounce $0.50 crystal $15.00 per hours 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 adorne with two crystals of various colors. Standard costs follow Silver Crystals Direct labor Standard Quantity 0.65 ounce 5.00 2.00 hour's Standard Price (Rate) $25.00 per ounce $0.50 crystal $15.00 per hours 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

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter6: Activity-based, Variable, And Absorption Costing
Section: Chapter Questions
Problem 2PA: Five Card Draw manufactures and sells 24,000 units of Diamonds, which retails for $180, and 27,000...
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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: Silver Crystals Direct labor Standard Quantity 0.65 ounce 5.00 2.00 hours Standard Price (Rate) $ 25.00 per ounce $0.50 crystal $ 15.00 per hours 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 Complete this question by entering your answers in the tabs below. Direct Material Price Variance i Direct Material Quantity Variance Standard Unit Cost $ 16.25 2.50 30.00 Required 1 Required 2 Calculate Crystal Charm's 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 (1.e., zero variance), Silver Crystals
Transcribed Image Text: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 0.65 ounce 5.00 2.00 hours Standard Price (Rate) $ 25.00 per ounce $0.50 crystal $ 15.00 per hours 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 Complete this question by entering your answers in the tabs below. Direct Material Price Variance i Direct Material Quantity Variance Standard Unit Cost $ 16.25 2.50 30.00 Required 1 Required 2 Calculate Crystal Charm's 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 (1.e., zero variance), Silver Crystals
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