Krystal 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 2.400 blankets are as follows: mick 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 cont.) The standard direct material cost for one blanket is 03 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 fabele purchased 10.1 Requirement 3. Calculate the direct material price and quantity variances. (Enter the variances as positive numbers. Enter currency amounts in the formula to the 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 Actual price Standard price Actual quantity used OM price variance 10.5 x 10.1 15190 6076 U Determine the formula for the quantity variance, then compute the quantity variance for direct materials Actual quantity used Standard price Actual quantity purchased 15190 15190 DM quantity variance 68.89 U Requirement 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 42.5 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 16:4 y moncorammed blanket the flowing are the cost standards foris blanket Click the icon to view the standarda) Achat results from last month's production of 2.400 blankets are as follows: Click the loon to view the actual results) Read the moments The arct labor cost per hour is 16.4 Requirement 6. Calculate the direct labor (DL) rate and efficiency variances ver the various as positive numbers. Enter the currency amounts in the forms to the most cant un round the tal van dollar Label the variance as favorable (F) or unfavorable (U) Abbreviations used DL - Director) First, determine the formula for the rate variance, then compute the rate variance for director Actual hours Actually purchased. Actual quotely purchased) Durata variance First, determine the formula for the ency variance, the compute the alliciency variance for director Actual hours Actual quantity purchased Achille Lency vanno U Requirement 7. Analyze each variance and speculate as to what may have caused that variance The universitemprice variance and untivorable DM quartly variance may have been caused purchasing interior raw materials The cheaper that of our The unfavorable DL rate variance and favorable DL officiency variance may have been caused by wiring a moro ohtled witforce the workom comando Wigher wag, www do not work as quickly as a more experienced workforce Requirement. Look at our variances together the big picture) How mig they l be related? What varionce a very key to have owed the other variance One possible cause of all four variances in the wal purchase of inferiorow materiale The would create an unfavorable DM price variance while reducing wale wading to an unfavorate quality ve lower skilled workforce was vood, the rate variance was unfavorable however, given a lower quality material and love-led workforce mori hours were required, creating an unfavorable Krystal 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 2.400 blankets are as follows: Click the icon lo vlow the actual results.) Read the ruirements 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 03 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 fabric purchased 10.1 Requirement 3. Calculate the direct material price and quantity variances (Enter the variances as positive numbers. Enter currency amounts in the formula to the in dolar 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 Actual price Standard price Actual quantity used OM price variance 10.5 * 10.1 15190 6076 U Determine the formula for the quantity variance, then compute the quantity variance for direct materials Actus quantity used * Standard price Actuat quantity purchased 15190 15190 DM quantity variance 6889 Requirement 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 42,5 Requirement 5. What is the actual direct labor cost per hour? (Round your answer to the nearest cont.) The actual direct labor cost per hour is 16.4 Specialty monogrammed blanket. The following are the cost standards for this blanket: andards.) Oroduction of 2400 blankets are as follows: tual results. - ndard direct Data table for one bial al cost per Direct materials (fabric).. Direct labor. 6.0 yards per blanket at $10.50 per yard 2.5 direct labor hours per biatiket at $17.00 per hour purchased c material ac Label nt and then round the final varian price vard Print Done Standa tily variance, then compute the quantity variance for direct materials. DM quantity variance Data table x Actual cost of 15,840 yards of direct material (fabric) purchased . $ 153,648 Actual yards of direct material (fabric) used 15,190 Actual wages for 6,110 hours worked $ 100,204 Print Done Ency variances. I enter the vara