University Rings produces class rings. Its best-selling model has a direct materials standard of 7 grams of a special alloy per ring. This special alloy has a standard cost of $66.10 per gram. In the past month, the company purchased 7,500 grams of this alloy at a total cost of $491,250. A total of 7,200 grams were used last month to produce 1,000 rings. Read the requirements .... 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 Requirement 2. What is the direct material price variance? (Abbreviations used: DM = Direct materials) 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 cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) DM price variance 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 Requirement 4. How might the direct material price variance for the company last month be causing the direct material quantity variance? The V. As a result, the company alloy than the standard allows. This accounts for the direct material price variance might mean that University Rings purchased a quantity (efficiency) variance