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Kelly Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this...

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Accounting

Kelly Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket:

Direct Material (Fabric). 4.0 yards per blanket at $7.00 per yard

Direct Labor 1 direct labor hour per blanket at $13.00 per hour

Actual results from last month's production of 2,100 blankets are as follows:

Actual Cost of 9,450 yards of direct material (fabric) purchased $ 60,480

Actual yards of direct material (fabric) used . $ 8,900

Actual Wages for 2.250 hours worked .. $ 27,450

Calculate the direct labor rate and efficiency variances.

Analyze each variance and speculate as to what may have caused that variance

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?

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