Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Standard Standard Price Quantity (Rate) Silver 0.30 oz. $21.00 per oz. Crystals 3.00 $0.30 crystal Direct labor 2.00 hrs. $10.00 per hr. Standard Unit Cost

image text in transcribed
image text in transcribed
Standard Standard Price Quantity (Rate) Silver 0.30 oz. $21.00 per oz. Crystals 3.00 $0.30 crystal Direct labor 2.00 hrs. $10.00 per hr. Standard Unit Cost $ 6.30 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 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 www.arm'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, and "None" for no effect (1.e., zero variance).) Silver Crystals Direct Material Price Variance Direct Material Quantity Variance Required 2 > Standard Standard Standard Price Quantity (Rate) Silver 0.30 oz. $21.00 per oz. Crystals 3.00 $ 0.30 crystal Direct labor 2.00 hrs. $10.00 per hr. $ 6.30 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 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 Requirep 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, and "None" for no effect (i.e., zero variance).) Direct Labor Rate Variance Direct Labor Efficiency Variance Required 1 Required 2 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions