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 2,300 blankets are as follows: B Click the icon to view the actual results.) Read the requirements. Data table Direct materials (fabric).. Direct labor... 4.0 yards per blanket at $8.00 per yard 1 direct labor hours per blanket at $15.00 per hour Print Done Data table Actual cost of 10,580 yards of direct material (fabric) purchased.. $ 78,292 Actual yards of direct material (fabric) used 10,180 Actual wages for 2,410 hours worked.. $ 34,945 . .. ed is au 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. 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? Print Done 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 cont) The actual cost per yard of fabrio purchased Requirement 3. Calculate the direct material price and quartty variances (Enter the variances as positive numbers. Enter currency amounts me formula to the east cant and then round the final variance amounts to the newest whole dollar Label the variance as favorable (P) or unfavorable (U) Abbreviations and OMDirect mail) First determine the formula for the price variance, the compute the price variance for direct materials = OM price variance 20 Determine the formula for the quantity variance, then compute the quantity vanance for direct material OM quantity arance ont 4. What is the standard direct labor cost for one blanket? (Round your answer to the nearest cent) 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 Requirement 6. Calculate the direct labor (D) rate and efficiency variances (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cont, then round the trial variance amounts to the nearest whole dollar Label the variante as favorable 1F) or unfavorable (U) Abbreviations used OL - Direct labor) First, determine the formula for the rate variance, the compute the rate variance for direct labor OL rate variance Fast determine the formula for the officiency variance, the compute the efficiency variance for direct labor DL ency variance The Requirement 7. Analyze each variance and speculate as to what may have caused that variance DM price variance and OM quantity variance may have been caused by waste The Cause The V OLrate variance and V DL ficiency variance may have been caused by The vied workers commanda wage, however, Requirement & Look at of four variances together the big picture) How mit they all beated? What variance is very lay to have caused the other variances? Ons possible cause of all four variances This would create Because workforce was used the DL rate variances However, given tabor hours were required, creating DL ency variance ading to