Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: FF(Click the icon to view the standards.) Actual results from last month's production of 2,500 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 $ . i Data Table Direct materials (fabric) Direct labor .....3.0 yards per blanket at $8.50 per yard ........0.5 direct labor hours per blanket at $14.00 per hour Print Done Karyn 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 2,500 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 $ i Data Table Actual cost of 9,250 yards of direct material (fabric) purchased ......S Actual yards of direct material (fabric) used. Actual wages for 1,390 hours worked .. 70,300 8,750 18,209 Print Done nents 0 Requirements What is the standa ot material cost for 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