Data Table Kelly Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: B (Click the icon to view the standards.) Actual results from last month's production of 2.300 blankets are as follows: (Click the icon to view the actual results.) Read the requirements Direct materials (fabric) Direct labor ............. 20 yards per blanket at $7.00 per yard ... 2.5 direct labor hours per blanket at $11.00 per hour Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cont.) The standard direct material cost for one blanket is Print Done Requirement 2. What is the actual cost per yard of fabric purchased? (Round your answer to the nearest cont.) 0 Data Table The actual cost per yard of fabric purchased Requirement 3. Calculate the direct material price and quantity variances. (Enter the variances as positive numbers. Enter currency and used: DM Direct materials) rest whole dollar. Lal First determine the formula for the price variance, then compute the price variance for direct materials. Actual cost of 5,520 yards of direct material (fabric) purchased .... $ Actual yards of direct material (fabric) used ..................... Actual wages for 5,850 hours worked .....................$ 33,672 4,820 59,670 ) = DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct materials. Print Done ) = DM quantity variance 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 cont.) 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 nearest cent, then round the final variance amounts to the nearest whole dollar. used: DL = Direct labor) First, determine the formula for the rate variance, then compute the rate variance for direct labor ) = DL rate variance