requirements. Data Table Direct materials (fabric) 5.0 yards per blanket at $7.00 per yard 2 direct labor hours per blanket at $12.00 per hour Direct labor fur Print Done varia X 0 Data Table e the formula for the htity Actual cost of 9,690 yards of direct material (fabric) purchased .. $ 62,985 Actual yards of direct material (fabric) used 9,040 Actual wages for 3,550 hours worked.. $ 39,760 ment 4. What is the Hard Hirart lahard Print Done mom any list or en i Requirements x 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. 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? Print Done Kelsey Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket Cick the icon to view the standards) Actual results from last month's production of 1,700 blankets are as follows: Click the icon to view the actual results) Read the Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent) 35 The standard direct material cost for one blanket is Requirement 2. What is the actual cost per yard of fabrio purchased? (Round your answer to the nearest cont) The actual cost per yard of fabric purchased 6.10 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 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 Determine the formula for the quantity variance, then compute the quantity variance for direct materials ) - OM quantity variance Requirement 4. What is the standard direct labor cost for one blanket? (Round your answer to the nearest cent) The standard rls retrean Wakati Choose from any list or enter any number in the input fields and then continue to the next question. Kelsey Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket II(Click the icon to view the standards.) Actual results from last month's production of 1,700 blankets are as follows: Click the icon to view the actual results) Read the 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 Requirements. 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 hent, 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 * ) DL rate variance * ) First, determine the formula for the efficiency variance, the 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 DM quantity variance may have been caused by The Choose from any list or enter any number in the input fields and then continue to the next question ? Requirement 7. Analyze each variance and speculate as to what may have caused that variance The DM price variance and DM quantity variance may have been caused by The cause The V DL rate variance and DL officiency variance may have been caused by The v skilled workers command a wage, however, leading to 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 workforce was used the DL rate variance was however, given a were required, creating DL efficiency variance labor hours Choose from any list or enter any number in the input fields and then continue to the next