Please help

Ch 11 Q 2

Universiy Rings produces class rings. Its best-seling model has a direct materiais standard of 15 grams of a special alloy per ring. This special alloy has a standard cost of $65.10 per gram. In the past month, the company purchased 15,700 grams of this alloy at a total cost of $1,012,650. A total of 15,500 grams were used tast month to produce 1,000 rings. Read the reguirements. Requirement 1. What is the actual cost per gram of the special alloy that University Rings purchased last month? (Round your arswer to the nearest cent.) The actual cost per gram ot the special alloy that University Rings purchased last morith is Requirement 2. What is the direct material price veriance? (Abbreviations used: DM = Direct materialt) Begin by detemining the formula for the price variance, then compute the price variance for direct matecials, (Enter the variance as a poskive number. Round interim calculations to the neseat cent and your variance anount to the neareat whole dollar, Label the varianoe as tavorabie (F) or un'svorabia (U).) Requirements 1. What is the actual cost per gram of the special aloy that University Rings purchased 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