28 Kilmartin Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: (Click the icon to view the standards.) Actual results from last month's production of 1,700 blankets are as follows: (Click the icon to view the actual results.) Read the requirements. Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent) The standard direct material cost for one blanket is $ Requirement 2. What is the actual cost per yard of fabric purchased? (Round your answer to the nearest cent.) The actual cost per yard of fabric purchased $ 6.5 Requirement 3. Calculate the direct material price and quantity variances. (Enter the variances as positive numbers. Enter currency amounts in the formula to th variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. Actual quantity purchased Actual price Standard price DM price variance 7480 X 6.5 3740 F Determine the formula for the quantity variance, then compute the quantity variance for direct materials Standard price x Actual quantity used Standard quantity allowed DM quantity variance 7 X 6980 6800 1260 U 7 Read the requirements Requirement 4. What is the standard direct labor cost for one blanket? (Round your answer to the nearest cent.) The standard direct labor cost for one blanket is $ Requirement 5. What is the actual direct labor cost per hour? (Round your answer to the nearest cent.) The actual direct labor cost per hour is $ Requirement 6. Calculate the direct labor (DL) rate and efficiency variances (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the variance as favorable (F) or unfavorable (U). Abbreviations used: DL-Direct labor) First, determine the formula for the rate variance, then compute the rate variance for direct labor DL rate variance X First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor DL efficiency variance X ) Choose from any list or enter any number in the input fields and then continue to the next