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 Standard Quantity (Rate) Unit Cost Silver 0.50 oz. $28.00 per oz. $14.00 Crystals 3.00 $ 0.35 crystal 1.05 Direct labor 1.50 hrs. $17.00 per hr. 25.50 During the month of January, Crystal Charm made 1,580 charms. The company used 755 ounces of silver (total cost of $21,895) and 4790 crystals (total cost of $1,580.70), and paid for 2,520 actual direct labor hours (cost of $41,580.00) 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