E$9-6($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 Quantity Standard Price $($Rate$)$ Standard Unit Cost

Silver $0\mathrm{.}65$ ounce $ $25\mathrm{.}00$ per ounce $ $16\mathrm{.}25$

Crystals $5\mathrm{.}00$ $ $0\mathrm{.}50$ crystal $2\mathrm{.}50$

Direct labor $2\mathrm{.}00$ hours $ $15\mathrm{.}00$ per hours $30\mathrm{.}00$

During the month of January, Crystal Charm made $1,500$ charms. The company used $935$ ounces of silver $($total cost of $$24,310)$ and $7,550$ crystals $($total cost of $$3,624\mathrm{.}00),$ and paid for $3,150$ actual direct labor hours $($cost of $$45,675\mathrm{.}00).$

Required:

Calculate Crystal Charm$$s direct materials variances for silver and crystals for the month of January.

Calculate Crystal Charm$$s direct labor variances for the month of January. Required $2$

Calculate 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 by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($i$.$e$.,$ zero variance$).$

Direct Labor Rate Variance $$1,575\mathrm{.}00$ F

Direct Labor Efficiency Variance $$2,250\mathrm{.}00$ U

Required $1$