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Hallmark Rings produces class rings. Its best-selling model has a direct materials standard of 9 grams of a special alloy perring. This special toy has a standard cost of 565 70 per gram. In the past month the company purchased 10.200 grams this alloy at a total cost of 565,040. A total of 2,600 grams were used last month to produce 1,000 rings Read the girements Requirement 1. What is the actual cost per gram of the special aloy that Halmark Rings purchased last month? (Round your answer to Cont) The actual cont per gram of the special wloy that Hallmark Ringt purchased last months $ 6520 Requirement 2. What is the direct material price variance? (Abbreviations used: DM - Direct materiais) Begin 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 cont and your variance amount to the nearest whole dollar Label the variance as favorable (F) or unfavorable (U).) Actum quantity purchased Actual price Standard price = DM price variance 9600 65.70 69.28 34368 U Hallmark Rings produces class rings. Its best-selling model has a direct materials standard of 9 grams of a specially per ring. This special alloy has a standard cost of $46.70 per gram. In the past month, the company purchased 10.200 grams of this alloy at a total cost of 5666,040. A total of 9,600 grams were used last month to produce 1.000 rings Road the requirements Requiremont 1. What is the actual cost fost cont.) - Requirements The actual cost per gram of the special Requirement 2. What is the direct mater Begin by determining the formula for the naarest cent and your variance amount mber. Round interim calculations to the 1. What is the actual cost per gram of the special alloy that Hallmark Rings purchased last month? 2. What is the direct material price variance? 3. What is the direct material quantity varance? 4. How might the direct material price variance for the company last month bo causing the direct material quantity variance? Actual quantity purchased 9600