Krystal Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: (
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Krystal Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket:
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Actual results from last month's production of blankets are as follows:
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Read the requirements.
Data table
Requirement 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
Data table
Requirements
What is the standard direct material cost for one blanket?
What is the actual cost per yard of fabric purchased?
Calculate the direct material price and quantity variances.
What is the standard direct labor cost for one blanket?
What is the actual direct labor cost per hour?
Calculate the direct labor rate and efficiency variances.
Analyze each variance and speculate as to what may have caused that
variance.
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?
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