E9-5 Calculating Direct Materials and Direct Labor Variances [LO 9-3, 9-4] Crystal Charrn Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adorned with two crystals various colors, Standard costs follow: Silver Crystals Direct labor Standard Quantity Standard (Rate) 0.65 oz. $25.00 per oz 5.00 $ 0.50 per crystal 2.00 hrs. $15.00 per hr Standard Unit Cost $ 16.25 2.50 30.00 During the month of January, Crystal Charm made 1,500 charms. The company used 935 ounces of silver (total cost of $24,310) and 7,550 crystals (total cost of $3,624.00), and paid for 3,150 actual direct labor hours (cost of $45,675.00), 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