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i Data Table Direct materials (fabric) 6.0 yards per blanket at $8.00 per yard 1.5 direct labor hours per blanket at $14.00 per hour Direct

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i Data Table Direct materials (fabric) 6.0 yards per blanket at $8.00 per yard 1.5 direct labor hours per blanket at $14.00 per hour Direct labor Print Done x 0 Data Table briance as favorable (F) mula to the n $ 75,920 9,900 Actual cost of 10,400 yards of direct material (fabric) purchased Actual yards of direct material (fabric) used. Actual wages for 2,500 hours worked $ 32,750 Print Done i Requirements rice qual 1. What is the standard direct material cost for one blanket? 2. What is the actual cost per yard of fabric purchased? 3. Calculate the direct material price and quantity variances. 4. What is the standard direct labor cost for one blanket? 5. What is the actual direct labor cost per hour? 6. Calculate the direct labor rate and efficiency variances. 7. Analyze each variance and speculate as to what may have caused that variance. 8. Look at all four variances together (the big picture). How might they all be related? What variance is very likely to have caused the other variances? ers. E Print Done noun 1 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 $ Requirement 3. Calculate the direct material price and quantity variances (Enter the variances as positive numbers, Enter currency amounts in the formula to the nearest cent and then round the final variance amounts to the nearest whole dollar. Label the 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. DM price variance X( ance for direct materials Determine the formula for the quantity variance, then compute the quantity DM quantity variance x X 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 $ northern amounts in the 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. Label 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. X ) = DL efficiency variance x Requirement 7. Analyze each variance and speculate as to what may have caused that variance. The DM price variance and DM quantity variance may have been caused by cause waste. The The DL rate variance and DL efficiency variance may have been caused by The skilled workers command a V wage, however, Requirement 8. Look at all four variances together (the big picture). How might they all be related? What variance is very likely to have caused the other variances? One possible cause of all four variances is This would create leading to V. Because workforce was used, labor hours were required, creating the DL rate variance was however, given a DL efficiency variance the innut fields and then continue to the next question -X Data Table Direct materials (fabric) 6.0 yards per blanket at $8.00 per yard 1.5 direct labor hours per blanket at $14.00 per hour Direct labor Print Done Data Table -X the quantity x( ce X $ 75.920 me standard Actual cost of 10,400 yards of direct material (fabric) purchased Actual yards of direct material (fabric) used. Actual wages for 2,500 hours worked 9.900 $ cost for one 32,750 he actual dir Print Done est per hour X e the direct lal ent, then roun Direct labor) Requirements rency amounts in unfavorable (U) ula for the rate x x mula for the effic 1. What is the standard direct material cost for one blanket? 2. What is the actual cost per yard of fabric purchased? 3. Calculate the direct material price and quantity variances 4. What is the standard direct labor cost for one blanket? 5. What is the actual direct labor cost per hour? 6. Calculate the direct labor rate and efficiency variances. 7. Analyze each variance and speculate as to what may have caused that 8. Look at all four variances together (the big picture). How might they all be related? What variance is very likely to have caused the other variances? x variance ze each variance price variance & Print Done rate variance and The 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 1,600 blankets are as follows: (Click the icon to view the actual results.) Read the requirements

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