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 adornedwith two crystals of various colors. Standard costs follow:SilverCrystalsDirect laborStandard Quantity0.35 ounce6.002.00 hoursStandard Price (Rate)$31.00 per ounce$0.50 crystal$ 20.00 per hoursDuring the month of January, Crystal Charm made 1,620 charms. The company used 542 ounces of silver (total cost of $17,344) and9,770 crystals (total cost of $4,689.60), and paid for 3,390 actual direct labor hours (cost of $66,105.00).Complete this question by entering your answers in the tabs below.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.Direct Material Price VarianceDirect Material Quantity VarianceStandard UnitCostSilver$10.853.0040.00Required 1 Required 2Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January.Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance byselecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance).Crystals Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace or bracelet. Each charm is adornedwith two crystals of various colors. Standard costs follow:SilverCrystalsDirect laborStandard Quantity0.35 ounce6.002.00 hoursStandard Price (Rate)$31.00 per ounce$ 0.50 crystal$ 20.00 per hoursDuring the month of January, Crystal Charm made 1,620 charms. The company used 542 ounces of silver (total cost of $17,344) and9,770 crystals (total cost of $4,689.60), and paid for 3,390 actual direct labor hours (cost of $66,105.00).Required:1. Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January.2. Calculate Crystal Charm's direct labor variances for the month of January.Complete this question by entering your answers in the tabs below.Direct Labor Rate VarianceDirect Labor Efficiency VarianceStandard UnitCost$ 10.853.0040.00Required 1Required 2Calculate Crystal Charm's direct labor variances for the month of January.Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance byselecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance).< Required 1Required 2 >

Variance analysis is the difference between the standard performance and the actual performance,…

Answered: Crystal Charm Company makes handcrafted…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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TB MC Qu. 10-155 (Algo) Majer Corporation makes a product with ... Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.7 ounces $ 2.00 per ounce $ 13.40 Direct labor 0.3 hours $ 14.00 per hour $ 4.20 Variable overhead 0.3 hours $ 2.00 per hour $ .60 The company reported the following results concerning this product in February. Originally budgeted output 5,300 units Actual output 8,100 units Raw materials used in production 30,400 ounces Actual direct labor-hours 1,940 hours Purchases of raw materials 32,800 ounces Actual price of raw materials $ 52.90 per ounce Actual direct labor rate $ 62.40 per hour Actual variable overhead rate $ 1.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate…
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: Silver Crystals Direct labor Standard Quantity 0.40 ounce 7.00 1.50 hours During the month of January, Crystal Charm made 1,630 charms. The company used 617 ounces of silver (total cost of $12,957) and 11,460 crystals (total cost of $2,635.80), and paid for 2,595 actual direct labor hours (cost of $24,652.50). Required 1 Standard Price (Rate) $ 20.00 per ounce $ 0.25 crystal $ 10.00 per hours 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 2 Direct Material Price Variance Direct Material Quantity…
Wonderland Company produces jewelry. The table below shows the data for the month in production of bracelets: Direct Materials Direct Labor Actual price per unit of input 0.45 0.60 Std price per unit of input 0.55 0.45 Actual units of input 385,000.00 525,800.00 Actual units of output 150,000.00 150,000.00 It takes 15 units of direct materials and 3 hrs to produce 5 rings. Required: Compute for the Material Price, Efficiency and Flexible Budget Variance as well as the Labor Rate, Efficiency and Flexible Budget Variance. Please use 2 decimal places. Indicate "U" for Unfavorable and "F" if Favorable. Amount (2 decimal places) U or F MPV MEV MFBV LRV LEV LFBV do not give solution in image format
the following details are available regarding three products X Y Z $ $ $ selling price 200 300 400 direct materials 20 112 90 ($4 per kg) direct labour 80 44 120 variable overheads 40 22 60 variable overheads are recovered at the rate of $4 per hour. Total fixed overheads are $120,000. You are required to show the priority ranking of the products if labour hours is the limiting factor.
ces Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards fo one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 4.6 pounds 0.2 hours Materials price variance Materials quantity variance Standard Price or Rate $ 2.50 per pound $18.00 per hour During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 750 hours of direct labor time were recorded at a total labor cost of $14,925. Standard Cost $ 11.50 $ 3.60 Required: Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive…
Alibaba Manufacturing manufactures widgets for distribution. The standard costs for the manufacture of widgets follow: Standard Costs Actual CostsDirect materials 3 lbs. per widget at 31,000 lbs. at $34 $35 per pound per poundDirect labor 2.5 hours per widget 22,500 hours at at $11 per hour $11.80 per hourFactory overhead Variable cost, $24/widget $241,500 variable cost Fixed cost, $40/widget $381,250 fixed cost Budgeted factory overhead was $640,000. Overhead applied is based on widgets produced. The company estimated that 10,000 widgets would be produced; however, only 9,600 were produced. InstructionsCalculate the following amounts.1. Rate at which total factory overhead is applied2. Materials price…
Palladium Inc. produces a variety of household cleaning products. Palladium’s controller has developed standard costs for the following four overhead items: Overhead Item Total Fixed Cost Variable Rate per DirectLabor Hour Maintenance $ 86,000 $0.20 Power 0.45 Indirect labor 140,000 2.10 Rent 35,000 Next year, Palladium expects production to require 90,000 direct labor hours. Required: Question Content Area 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. Palladium Inc.Overhead BudgetFor the Coming Year Variable costs: Rate per Hour Activity Level 90,000 Hours blank Maintenance $fill in the blank ddf6cc027003019_1 $fill in the blank ddf6cc027003019_2 blank Power fill in the blank ddf6cc027003019_3 fill in the blank ddf6cc027003019_4 blank Indirect labor fill in the blank ddf6cc027003019_5 fill in the blank…
. manufactures two staplers, small and regular. The standard quantities of labor and materials per unit for the year are Small Regular Direct materials (oz.) 6.0 10.00 Direct labor (hrs.) 0.1 0.15 The standard price paid per pound of direct materials is P1.60. The standard rate for the labor is P8. Overhead is applied on the basis of direct labor hours. A plantwide rate is used. Budgeted overhead for the year is given below: Budgeted fixed overhead P360,000 Budgeted variable overhead 480,000 The company expects to work 12,000 direct labor during the year, standard overhead rates are computed using this activity level. For every small stapler produced, the company produces data for the year are: Units produced: small staplers, 35,000; regular staplers, 70,000…
DRS Manufacturing has the following standards for one of its products: Production Costs Direct materials (2 meter @ RM5) RM10 Direct labor (0.5 hour @ RM10) RM5 During the most recent year, the following actual results were recorded: Production Costs Production 6,000 units Direct materials (11,750 meter purchased and used) RM61,100 Direct labor (2,900 hours) RM29,580 required (i) Interpret the materials price and usage variances. (ii) Interpret the labor rate and efficiency variances.
Copr. Goedl The standards to produce one unit of FaEzzy are shown below. Quantity. Price Perunit Direct material (in ounces) 8, $1.15, $9.20 Direct labor 0.8, $16.00, $12.80 Manufacturing overhead (apply on machine hours) 2.5$0.10$0.25 Total standard cost per unit $22.25 The company actually produced 4,500 units. The actual number of machine hours used was 10,500 hours. The actual cost of manufacturing overhead was $1,575. What is the manufacturing overhead efficiency variance? $187.50F $187.50 U $75F $75U
A company reports the following for one of its products. Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ Actual Quantity SQ = Standard Quantity AQ AP Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost AP 0 $ 0 $ AQ 0 $ 9 per unit 250,000 pounds 60,000 units X $ 687,500 SP $ 0 SQ Standard Cost x SP
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Standard Price or Cost Per Rate Unit $ 3.00 per ounce $ 17.00 per hour $ 6.00 per hour Direct materials 7.3 ounces $21.90 $ 3.40 $ 1.20 Direct labor e.2 hours Variable overhead e.2 hours The company reported the following results concening this product in June. 2,700 units 2,800 units 18,500 ounces Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours 21,600 ounces 480 hours $ 42,100 $ 12,700 $ 3,350 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies varlable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materlals are purchased. The labor rate varlance for June is:

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