Krystal 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 1,500 blankets are as follows: (Click the icon to view the actual relts.) 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 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 the cost standards for this blank Data table Direct materials (fabric) Direct labor .2.0 yards per blanket at $8.50 per yard 2 direct labor hours per blanket at $11.00 per hour Print Done - Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket. ta ire act Data table - X Actual cost of 3,900 yards of direct material (fabric) purchased .. $ 31,590 Actual yards of direct material (fabric) used Actual wages for 3,150 hours worked 3,400 $ 33,075 cent.) Print Done uirement 3. Calculate the direct material price and quantity variances. (Enter the variances as positive numbers. er currency amounts in the formula to the nearest cent and then round the final variance amounts to the nearest Itho iriance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials)