World Class Rings produces class rings. Its best$-$selling model has a direct materials standard of $16$ grams of a special alloy per ring. This special alloy has a standard cost of $$63\mathrm{.}30$ per gram. In the past month, the company purchased $16,800$ grams of this alloy at a total cost of $$1,061,760.$ A total of $16,300$ 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 World Class Rings purchased last month? $($Round your answer to the nearest cent.$)$

The actual cost per gram of the special alloy that World Class Rings purchased last month is

Requirements

What is the actual cost per gram of the special alloy that World Class Rings purchased last month?

What is the direct material price variance?

What is the direct material quantity variance?

How might the direct material price variance for the company last month be causing the direct material quantity variance?