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. Actual hours X Actual hours Actual hours DM price variance X 0 F Determine the formula for the quantity variance, then compute the quantity variance for direct materials. Determine the formula for the quantity variance, then compute the quantity variance for direct materials. X DM quantity variance X 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 $ 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 $ Requirement 6. Calculate the direct labor (DL) rate and efficiency variances. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor) First, determine the formula for the rate variance, then compute the rate variance for direct labor. Actual hours x Actual hours Actual hours DL rate variance Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 6. Calculate the direct labor (DL) rate and efficiency variances. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor) First, determine the formula for the rate variance, then compute the rate variance for direct labor. X DL rate variance X First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. X( DL efficiency variance x Requirement 7. Analyze each variance and speculate as to what may have caused that variance. The VDM price variance and DM quantity variance may have been caused by V. The cause waste. The DL rate variance and V DL efficiency variance may have been caused by The v skilled workers command a wage, however, Choose from any list or enter any number in the input fields and then continue to the next question. First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. x DL efficiency variance X Requirement 7. Analyze each variance and speculate as to what may have caused that variance. The V DM price variance and DM quantity variance may have been caused by The cause waste. The V skilled workers command a V wage, however, The VDL rate variance and DL efficiency variance may have been caused by do not work as quickly as a more experienced workforce Requirement 8. 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? One possible cause of all four variances is This would create Because leading to labor hours were required, creating workforce was used, the DL rate variance was however, given a DL efficiency variance. Choose from any list or any number in the input fields and then continue to the next question. - X i Data Table Direct materials (fabric). Direct labor.. 2.0 yards per blanket at $7.00 per yard .0.5 direct labor hours per blanket at $19.00 per hour Print Done - X i Data Table Direct materials (fabric). Direct labor.. 2.0 yards per blanket at $7.00 per yard .0.5 direct labor hours per blanket at $19.00 per hour Print Done i Data Table $ Actual cost of 4,050 yards of direct material (fabric) purchased Actual yards of direct material (fabric) used. Actual wages for 870 hours worked.. 24,705 3,500 15,747 $ Print Done Kaplin 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 results.) Read the requirements. - X Data Table Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) Direct materials (fabric) Direct labor 2.0 yards per blanket at $7.00 per yard 0.5 direct labor hours per blanket at $19.00 per hour 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.) Print Done 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. Data Table = DM price variance x - Determine the formula for the quantity variance, then compute the quantity variance for direct materials. $ 24,705 DM quantity variance Actual cost of 4,050 yards of direct material (fabric) purchased Actual yards of direct material (fabric) used. Actual wages for 870 hours worked. x 3,500 15,747 S Requirement 4. What is the standard direct labor cost for one blanket? (Round your answer to the nearest cent.) Print Done The standard direct labor cost for one blanket is $ 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 $ Requirement 6. Calculate the direct labor (DL) rate and efficiency variances. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor) Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Requirement 6. Calculate the direct labor (DL) rate and efficiency variances. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor) First, determine the formula for the rate variance, then compute the rate variance for direct labor. x DL rate variance x First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. DL efficiency variance Requirement 7. Analyze each variance and speculate as to what may have caused that variance. The DM price variance and V DM quantity variance may have been caused by The cause waste The DL rate variance and DL efficiency variance may have been caused by The skilled workers command a wage, however, Requirement 8. 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? One possible cause of all four variances is This would create leading to V. Because workforce was used, the DL rate variance was however, given labor hours were required, creating VDL efficiency variance. Choose from any list or enter any number in the input fields and then continue to the next