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 0.30 oz. $ 30.00 per oz. $ 9.00

Crystals 5.00 $ 0.45 crystal 2.25

Direct labor 1.50 hrs. $ 19.00 per hr. 28.50

During the month of January, Crystal Charm made 1,610 charms. The company used 458 ounces of silver (total cost of $14,198) and 8,100 crystals (total cost of $3,483.00), and paid for 2,565 actual direct labor hours (cost of $47,452.50).

Required:

1. Calculate Crystal Charms direct materials variances for silver and crystals for the month of January.

2. Calculate Crystal Charms 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 adorned with two crystals of various colors. Standard costs follow: During the month of January, Crystal Charm made 1,610 charms. The company used 458 ounces of silver (total cost of $14,198 ) and 8,100 crystals (total cost of $3,483.00 ), and paid for 2,565 actual direct labor hours (cost of $47,452.50 ). 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. Calculate Crystal Charm's direct labor variances for the month of January. (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 (i.e., zero variance).) 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: During the month of January, Crystal Charm made 1,610 charms. The company used 458 ounces of silver (total cost of $14,198 ) and 8,100 crystals (total cost of $3,483.00 ), and paid for 2,565 actual direct labor hours (cost of $47,452.50 ). 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. Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January. (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 (i.e., zero variance).)