Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace...
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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:
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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