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Calculate Crystal Charm direct materials variances

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Reference no: EM132932380

Question - 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 0.25oz. $20.00 per oz. $5.00

Crystals 2  $0.25 per crystal  0.50

Direct labor 1.5hrs. $15.00 per hr.  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 -

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.

Reference no: EM132932380

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