Kilmartin Fabrics manufactures a specially 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 2300 blankets are as follows: (Click the icon to view the actual results) tempt 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 $ 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 S 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 found 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 Determine the formula for the quantity vanance, then compute the quantity variance for direct materials ) DM quantity variance Choose from any list or enter any number in the input fields and then continue to the next question Save for Later US following me the cost standards for this blanket Kilmartin Fabrics manufactures a specially monogrammed blanket (click the icon to view the standards) Actual results from last month's production of 2.300 blankets are Click the icon to view the actual results) Read the requirements Requirement 4. What is the standard direct labor cost for one blanket? (Round your answer to the nearest cont) 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 $ L 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 cont, then round the final variance amounts to the nearest whole dollar Label the variance as favorable (F) or unfavorable (U) Abbreviations used OL- Dired labor First determine the formula for the rate variance, the compute the rate variance for direct labor Durata variance First determine the formula for the efficiency variance, the compute the efficiency variance for direct labor OL officiency variance Choose from any list or enter any number in the input fields and then continue to the next question The following are the cost standards for this blanket Kilmartin Fabrics manufactures a specially monogrammed (Click the icon to view the standards) Actual results from last month's production of 2,300 blank (Click the icon to view the actual results) Read the requrements tempts 1 of 2 ) DL ciency viance 2 of 2 Requirement 7. Analyze each variance and speculate as to what may ha that variance The DM price variance and quantity variance may have been caused by 1 of 2 The 1 of 2 officiency varianco may have been caused by The skilled The DL rate variance and workers commanda wago, however, 2 of 2 Requirement 8 Look at all four variances together (the big picture) How mig be related? What Variance is very kely to have caused the other variances? One possible cause of all fout vanances is 0 of 2 This would create Because workforce was used the DL rate labor hours were required, creating VDL however, oven a vanance was efficiency variance Choose from any list or enter any number in the input fields and then continue to the next question manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket! to view the standards.) last month's production of 2,300 blankets are as follows: to view the actual results.) hents J) = DL efficiency variance nalyze Data Table DM PI Direct materials (fabric) Direct labor 6.0 yards per blanket at $8.50 per yard 2 direct labor hours per blanket at $14.00 per hour DL rat he Print Done Look at the other ve se of all four variances is leading to This would create v Because workforce was used, Leve US Read the requirements ) = DL officiency variance Requirement 7. Analyze each varian * Data Table The DM price variance The DL rate variance workers command a wage. Actual cost of 14 950 yards of direct material abnc) purchased Actual yards of direct material (abric) used Actual wages for 4 700 hours worked $ 121096 14 500 $ 62,040 Requirement 8. Look at all four varia ve caused the other variances? Print Done One possible cause of all four variand workforce was used the La labor hours were required, creating however, given a variance was efficiency vanance Choose from any list or enter any number in the input fields and then continue to the next