Kelsey 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 $ 54.00 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 $ 8.20 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. ) = DM price variance Choose from any list or enter any number in the input fields and then click Check Answer. ? 8 parts remaining Clear All Check Answer Data Table Direct materials (fabric). 6.0 yards per blanket at $9.00 per yard 2 direct labor hours per blanket at $12.00 per hour Direct labor. Print Done Data Table Actual cost of 15,750 yards of direct material (fabric) purchased . $ 129,150 Actual yards of direct material (fabric) used 15,050 Actual wages for 5,130 hours worked. . 58,482 Print Done Requirements 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. 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? 8. Print Done