Kaplin 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 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 First determine the formula for the price variance, then compute the price variance for direct materials. ( Determine the formula for the quantity variance, then compute the quantity variance for direct materials. )= Data table Direct materials (fabric)................ 6.0 yards per blanket at $8.00 per yard Direct labor. . 0.5 direct labor hours per blanket at $14.00 per hour 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 First, determine the formula for the rate variance, then compute the rate variance for direct labor. First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. 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 The DL rate variance and DL efficiency variance may have been caused by 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? Data table \begin{tabular}{lrr} \hline Actual cost of 10,080 yards of direct material (fabric) purchased . S & 72,576 \\ \hline Actual yards of direct material (fabric) used ....................... & 9,630 \end{tabular}