1 Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket:E (Click the icon to view the standards.)Actual results from last month's production of 2,100 blankets are as follows:E (Click the lcon to view the actual results.)Read the requirements.Requirements1. What is the standard direct material cost for one blanket?Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.)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 Bach variance and speculate as to what may have caused thatThe standard direct material cost for one blanket is- XCost standards for the blanketData tablevariance.8. Look at all four variances together (the big picture). How might they all berelated? What variance is very likely to have caused the other variances?Direct materials (fabric)4.0 yards per blanket at $9.00 per yardDirect labor.1.5 direct labor hours per blanket at $14.00 per hourPrintDoneData tableActual ResultsActual cost of 9,450 yards of direct material (fabric) purchased.$ 80,325Actual yards of direct material (fabric) used8,800................Actual wages for 3,260 hours worked**...................S 43,684

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Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: E (Click the icon to view the standards.) Actual results from last month's production of 2,100 blankets are as follows: E (Click the loon to vlew the actual results.) Read the requirements. Requirements 1. What is the standard direct material cost for one blanket? 2. What is the actual cost per yard of fabric purchased? Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) 3. Calculate the direct material price and quantity variances.