would love help with Requirement 5 and 6 and 7 please
TI 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. DL rate variance First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. DL efficiency variance x Requirement 7. Analyze each variance and speculate as to what may have caused that variance The The VDM price variance and DM quantity variance may have been caused by cause waste The DL rate variance and VDL 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 Because leading to workforce was used, tabor hours were required, creating the DL rate variance was however, given a DL efficiency variance ids and then continue to the next question Kimartin Fabrics manufactures a specialty mon rammed 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 1,600 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 $ 48.00 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 S 7.30 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 quantity purchased x Standard price Actual price ) = DM price variance 10400 x 8 730 ) 7280 F Determine the formula for the quantity variance, then compute the quantity variance for direct materials Standard price Actual quantity used Standard quantity allowed DM quantity variance 9900 9500 2400 U Requirement 4. What is the standard direct labor cost for one blanket? (Round your answer to the nearest cent.) 21 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 cont, 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 actures a specialty monogrammed blanket. The following are the cost standards for this blanket: w the standards Data Table Direct materials (fabric) 6.0 yards per blanket at $8.00 per yard 1.5 direct labor hours per blanket at $14.00 per hour Direct labor at - X tis Data Table archerano pure $ 75,920 culate the direct m n round the final Actual cost of 10,400 yards of direct material (fabric) purchased Actual yards of direct material (fabric) used. amounts i Je (U). Abb 9,900 Actual wages for 2,500 hours worked $ 32,750 ormula for the pric purchased x x - Requirements 2 mula for the quantity price x( x ly variance 2400 Nhat is the standard 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? rect labor cost for one What is the actual dire Et labor cost per hour is 3. Calculate the direct la at then und rency amounts
