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. 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 $ 42.00 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 $ 9.60 Requirement 3. Calculate the direct material price and quantity variances: (Enter the variances as positive numbers. Enter currene 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 = I co pur ect r F) or e pri Data table Direct materials (fabric).. Direct labor. .4.0 yards per blanket at $10.50 per yard 1.5 direct labor hours per blanket at $10.00 per hour Print Done X- 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? Actual cost of 7,820 yards of direct material (fabric) purchased... $ 75,072 D Actual yards of direct material (fabric) used D Actual wages for 2,670 hours worked. 7,220 $ 24,564 Print Done