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 Bilver 0.50 O $22.00 per on. Crystals $ 0.35 eryatal Direct labor 1.50 hr. 112.00 per hr. Standard Unit Cast $11.00 0.70 18.00 2.00 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 $1105,50), and paid for 2,625 actual direct labor hours (cost of $30,187.50) Required: 1. Calculate Crystal Charm's direct materiais 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. Required: Required 2 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 For favorable, "u for unfavorable, and 'None" for no effect (.e., rero variance).) Silver Crystals Direct Material Price Variance Direct Material Quantity Variance Required 2 > Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet Each charm is adomed with two crystals of various colors. Standard costs follow: standard standard Price Standard Quantity Unit Cont Silver 0.56 os. $22.00 per o. $11.00 Crystals 2.00 $ 0.35 crystal 0.70 Direet labor 1.50 hrs. $12.00 per hr. 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 materiais 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. Required 1 Required 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 "P" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance