Homework: Chapter 11 Save 64.40 Score: 1.14 of 3 pts 3 of 4 (4 complete) HW Score: 68.49%, 6.85 of 10 pts %E11-21A (similar to) Question Help Collegiate Rings produces class rings. Its best-selling model has a direct materials standard of 11 grams of a special alloy per ring. This special alloy has a standard cost of $64.90 per gram. In the past month, the company purchased 12,000 grams of this alloy at a total cost of $772,800. A total of 11,600 grams were used last month to produce 1,000 rings. Read the requirements to the nearest cent) The actual cost per gram of the special alloy that Collegiate Rings purchased last month is $ Requirement 2. What is the direct material price variance? (Abbreviations used: DM = Direct materials) Bogin by determining the formula for the price variance, then compute the price variance for direct materials. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Actual quantity purchased * Actual price Standard price ) = DM price variance 12,000 *($ 64.40 $ 64.90 ) = $ 6,000 F Requirement 3. What is the direct material quantity variance? (Abbreviations used: DM = Direct materials) Determine the formula for the quantity variance, then compute the quantity variance for direct materials. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) DM quantity variance Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining Clear All Check