Kelly 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 2,400 blankets are as follows: EEB (Click the icon to view the actual results.) Read the requirements. Kequirement z. vvnat is tne actual cost per yara OT Tabric purcnased ? (Kouna your answer to tne nearest cent.) Requirements 1. 2. 3. 4. 5. 6. 7. What is the standard direct material cost for one blanket? What is the actual cost per yard of fabric purchased? Calculate the direct material price and quantity variances. What is the standard direct labor cost for one blanket? What is the actual direct labor cost per hour? Calculate the direct labor rate and efficiency variances. Analyze each variance and speculate as to what may have caused that The actual cost per yard of fabric purchased S 9.10 Requirement 3. Calculate the direct material price and quantlty varlances. (Enter the varlances as posltive numbers. Enter curren amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct mate First detemine the formula for the price varlance, then compute the price varlance for direct materials. 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? Standard price Actual quantity purchased 15,120 Actual price DM price varian ) 6,048 F x( 9.50 9.10 Determine the formula for the quantity vaiance, then compute the quantity variance for direct materials. Print Done DM quantity ) Kelly Fabrics manufactui Data Table (Click the icon to Actual results from last eel (Click the icon to viActual cost of 15,120 yards of direct material (fabric) purchased Read the requirements.ctual yards of direct material (fabric) used. Kequirement 2.vynat i Data Table 137,592 14,420 $70,070 6.0 yards per blanket at $9.50 per yard 2 direct labor hours per blanket at $15.00 perI Direct materials (fabric) Direct labor Actual wages for 4,900 hours worked The actual cost per Print Done PrintDone Actual hours Actual price Actual quantity purchased Actual quantity used Standard hours allowed Standard price ar Direct materials) price variance, then compute the price variance for direct materials Standard price Actual price )DM price variance 9.50 9.10 6,048 F DStandard quantity allowed tity variance, then compute the quantity variance for direct materials. DM quantity variance