Kilmartin 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 1,800 blankets are as follows (Click the icon to view the actual results) Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cont.) 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 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 Determine the formula for the quantity variance, then compute the quantity variance for direct materials DM price vanance DM quantity variance