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 $0\mathrm{.}40$ ounce $ $20\mathrm{.}00$ per ounce $ $8\mathrm{.}00$

Crystals $7\mathrm{.}00$ $ $0\mathrm{.}25$ crystal $1\mathrm{.}75$

Direct labor $1\mathrm{.}50$ hours $ $10\mathrm{.}00$ per hours $15\mathrm{.}00$

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\mathrm{.}80),$ and paid for $2,595$ actual direct labor hours $($cost of $$24,652\mathrm{.}50).$

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.