E9-5 Calculating Direct Materials and Direct Labor Variances [LO 9-3, 9-4] 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 0.30 oz. $21.00 per oz. 3.00 2.00 hrs. $10.00 per hr Standard Unit Cost Standard (Rate) Silver Crystals Direct labor $ 6.30 $0.30 per crystal 0.90 20.00 During the month of January, Crystal Charm made 1,510 charms. The company used 428 ounces of silver (total cost of $9,416) and 4,580 crystals (total cost of $1,282.40), and paid for 3,270 actual direct labor hours (cost of $31,065.00) Required 1. 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.) Silver Crystals Direct Material Price Variance Direct Material Quantity Variance 2. 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.) Direct Labor Rate Variance Direct Labor Efficiency Variance