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Data table Actual cost of 7,000 yards of direct material (fabric) purchased . . \$ 46,200 Actual yards of direct material (fabric) used . 6,500 Actual wages for 1,160 hours worked. . . . . . . . . . . . . \$ 11,020 Data table Requirements 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? 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 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 2,000 blankets are as follows: (Click the icon to view the actual results.) Read the equirements. 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 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. Determine the formula for the quantity variance, then compute the quantity variance for direct materials. 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 2,000 blankets are as follows: (Click the icon to view the actual results.) 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. First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. 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 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 Because workforce was used, the DL rate variance was , however, given labor hours were required, creating DL efficiency variance. Data table Actual cost of 7,000 yards of direct material (fabric) purchased . . \$ 46,200 Actual yards of direct material (fabric) used . 6,500 Actual wages for 1,160 hours worked. . . . . . . . . . . . . \$ 11,020 Data table Requirements 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? 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 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 2,000 blankets are as follows: (Click the icon to view the actual results.) Read the equirements. 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 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. Determine the formula for the quantity variance, then compute the quantity variance for direct materials. 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 2,000 blankets are as follows: (Click the icon to view the actual results.) 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. First, determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. 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 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 Because workforce was used, the DL rate variance was , however, given labor hours were required, creating DL efficiency variance