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Kelly 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:

$($Click 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 cent$)$

The standard direct material cost for one blanket is

Data table

Data table

Actual cost of $15,410$ yards of direct material $($fabric$)$ purchased $..$ $ $97,083$

Actual yards of direct material $($fabric$)$ used $...............14,910$

Actual wages for $3,580$ hours worked...................... $.$ $$47,256$

Direct materials $($fabric$)................6\mathrm{.}0$ yards per blanket at $$7\mathrm{.}00$ per yard

Direct labor. $...........................1\mathrm{.}5$ direct labor hours per blanket at $$14\mathrm{.}00$ per hour

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