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 aloy has a standard cost of $63.30 per gram, in the past month, the company purchased 18.0 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 Requirement 2. What is the direct material price variance? (Abbreviations used: OM 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 intern calcuations to the nearest cent and your variance amount to the nearest whole dolar 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 matenals. Enter the variance as a positive number Round interim ciculations to the nearest ount and your variance amount to the nearest whe dollar. Label the variance as favorabile (F) or unfavorable (U)) DM quantly variance Requirement 4 How might the direct material price variance for the company last month be causing the direct material quantity variance? The direct material price variance might mean that World Class Rings purchased at quantity (efficiency) variance As a result the company aloy than the standard alows. This accounts for the