P11-55A. Calculate and explain direct material and direct labor variances (Learning Objectives 1, 2, \& 3) Dazzle Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: Actual results from last month's production of 2,400 blankets are as follows: 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