Question

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i Data Table Kimartin 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 2,200 blankets are as follows: (Click the icon to view the actual results.) Direct materials (fabric) ............ Direct labor.... .... ....4.0 yards per blanket at $9.50 per yard ...... 1 direct labor hours per blanket at $11.00 per hour . Read the innents Requirement 1. What is the standard direct material cost for ane blanket? (Round your answer to the nearest bent.) Print Done The standard direct material cost for one blanket is $ Requirement 2. What is the actual cost per yard af fabric purchased? (Round your answer to the nearest ceni.) 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 variaron, then c ute the price variance for direct materials. Data Table - ) - DM price variance Determine the formula for the quantity variance, then campule the quanlity variance for direct materials. J) = DM quantity variance Actual cost of 9,460 yards of direct material (fabric) purchased......$ Actual yards of direct material (fabric) used ................... Actual wages for 2,320 hours worked ..........................$ 81,356 8,910 23,664 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 $

Answer 1

	1	Standard direct material cost for one blanket	$380	(40*$9.50)
	2	Actual cost per yard of purchase	$8.60	($81356/9460)				-8019
	3	Direct Material Price Variance
			Actual Quantity	X	(Actual Price	-	Standard Price)	=	DM Price Variance
			8910	X	(8.60	-	9.50)	=	$8,019	Favorable	(Actual Price is less than Standard)
		Direct Material Quantity Variance	Standard Price	X	(Actual Quantity	-	Standard Quantity)	=	DM Quantity Variance
			$9.50	X	(8910	-	8800)	=	$1,045	Unfavorable	(Actual Quantity is more than Standard)
		Standard Quantity for actual Production	8800	(2200*4)
	4	Standard direct labor cost of one blanket	$11	($11*1)
	5	Actual direct labor cost per hour	$10.20	(23664/2320)					-1856
	6	Rate Variance for direct labor
			Actual Hour	X	(Actual Rate	-	Standard Rate)	=	DL Rate Variance
			2320	X	(10.20	-	11.00)	=	$1,856	Favorable	(Actual Rate is less than Standard)
		Efficiency Variance for direct labor
			Standard Rate	X	(Actual Hour	-	Standard Hour)	=	DL Efficiency Variance
			$11.00	X	(2320	-	2200)	=	$1,320	Unfavorable	(Actual Hour is more than Standard)
		Standard hours for actual Production	2200	(2200*1)