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 1,700 blankets are as follows: (Click the icon to view the actual results.) Read the requirements. Data table Direct materials (fabric).. Direct labor... .2.0 yards per blanket at $9.00 per yard 1 direct labor hours per blanket at $15.00 per hour 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 Print Done 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. Data table DM price variance ) = Determine the formula for the quantity variance, then compute the quantity variance for direct materials. = DM quantity variance = Actual cost of 3,910 yards of direct material (fabric) purchased... $ 32,453 Actual yards of direct material (fabric) used Actual wages for 1,820 hours worked.. 3,410 $ 25,662 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 Print Done 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. ) = First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. DL rate variance = DL efficiency variance 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 The DL rate variance and DL efficiency variance may have been caused by The skilled workers command a 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 a labor hours were required, creating DL efficiency variance. cause waste. Because workforce was used, the DL rate variance was however, given