E9-6 (Algo) 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 Standard Price Quantity (Rate) Silver 0.50 oz. $22.00 per oz. Crystals 2.00 $ 0.35 crystal Direct labor 1.50 hrs. $12.00 per hr. Standard Unit Cost $11.00 0.70 18.00 During the month of January, Crystal Charm made 1,650 charms. The company used 785 ounces of silver (total cost of $18,055) and 3,350 crystals (total cost of $1,105.50), and paid for 2,625 actual direct labor hours (cost of $30,187.50). 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