Question: with working out please Question 4 (15 marks) Lucky Keily Pty Ltd makes and sells handmade charm beads which can be attached to a necklace

with working out please
with working out please Question 4 (15 marks) Lucky Keily Pty Ltd

Question 4 (15 marks) Lucky Keily Pty Ltd makes and sells handmade charm beads which can be attached to a necklace or bracelet. The company's product is voted to be one of the most iconic jewellery pieces in Australia and New Zealand. Each charm bead is made of platinum and one colourful crystal. The following table shows standard cost information to produce one charm bead: Platinum Crystal Direct labour ***oz. is ounce. Standard quantity 0.2 oz. 1 3.2 hours Required: Standard price Standard cost for one charm $977 per oz. $195 $0.35 per crystal $0.35 $22 per hour $70.40 Actual costs incurred in the production of 920 beads during the month of June were as follows: Actual use 189 oz. 975 Platinum: Crystal: crystals Direct labour hours: 2,660 hours Actual costs $183,500 $380 $58,500 a. Calculate the total standard direct material costs and direct labour costs in June given the production level of 920 charm beads. [2 marks] Click or tap here to enter text. b. Calculate the company's direct material price variance and direct material quantity variance for platinum and crystals in June. /5 marks] Click or tap here to enter text. c. Calculate the company's direct labour rate variance and direct labour efficiency variance in June. [5 marks] Click or tap here to enter text. d. Identify a possible cause of each variance in parts a, b, and c. [3 marks] Click or tap here to enter text

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