Hallmark Rings produces class rings. Its best-selling model has a direct materials standard of 12 grams of a special alloy per ring. This special alloy has a standard cost of $ 64.30 per gram. In the past month, the company purchased 12,900 grams of this alloy at a total cost of $ 825,600. A total of 12,300 grams were used last month to produce 1,000 rings.

Score: 0.05 of 1 pt 4 1 of 3 (1 complete) E 11-18A (similar to Hallmark Rings produces class nngs. Its best-selling model has a direct materials standard of 12 grams of a special alloy per nng. This special aloy has a standard company purchased 12,900 grams of this alloy at a total cost of $825,600. A total of 12.300 grams were used last month to produce 1.000 rings Requirements 1. What is the actual cost per gram of the special alloy that Hallmark Rings paid last month? 2. What is the direct material price variance? 3. What is the direct material quantity variance? 4. How might the direct material price variance for the company last month be causing the direct material quantity variance? Requirement 1. What is the actual cost per gram of the special alloy that Hallmark Rings paid last month? (Round your answer to the nearest cent The actual cost per gram of the special alloy that Hallmark Rings paid last month is s 64 00 Requirement 2. What is the direct material price variance? (Abbreviations used DM ect materials) Begin by determining the formula for the price variance, then compute the price variance for direct materials (Enter the vanance as a positive Round inte amount to the nearest whole dollar Label the variance as favorable (F) or unfavorable (U) DM price variance Standard price Actual price 64 00 Choose from any list or number in the input fields and then click Check Answer enter any