Business, 14.04.2020 23:33 markmeinberg

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 (Rate) Standard Unit Cost
Silver 0.60 oz. $ 24.00 per oz. $ 14.40
Crystals 4.00 $ 0.45 per crystal 1.80
Direct labor 1.50 hrs. $ 14.00 per hr. 21.00
During the month of January, Crystal Charm made 1,500 charms. The company used 350 ounces of silver (total cost of $7,350) and 3.050 crystals (total cost of $701.50) and paid for 2,400 actual direct labor hours (cost of $34,800.00).Required:1. Calculate Crystal Charm's direct materials price and quantity variances for silver and crystals for the month of January. Indicate whether each variance is favorable or unfavorable.2. Calculate Crystal Charm's direct labor rate and efficiency variances for the month of January. Indicate whether each is favorable or unfavorable.

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