Requirements 1. What is the actual cost per gram of the special alloy 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? Print DoneUniversity Rings produces class rings. Its bestselling model has a direct materials standard of 3 grams of a special alloy per ring. This special alloy has a standard cost of $55.00 per gram. In the past month, the company purchased 3,400 grams of this alloy at a total cost of $540,960. A total of 8,300 grams were used last month to produce 1,000 rings. Read the ._ lll 1.. I" ..... '\\ LJ Requirement 1. What is the actual cost per gram of the special alloy that University Rings purchased last month? (Round your answer to the nearest cent.) The actual cost per gram of the special alloy that University Rings purchased last month is |:| _