World Class Rings produces class rings. Its best-selling model has a direct materials standard of 8 grams of a special alloy per ring. This special alloy has a standard cost of $63.30 per gram. In the past month, the company purchased 8,500 grams of this alloy at a total cost of $537,200. A total of 8,300 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? (Enter the variance as a positive number. Round intermediary calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) The direct material price variance is Requirement 3. What is the direct material quantity variance? (Enter the variance as a positive number. Round intermediary calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) The direct material quantity variance is Requirement 4. How might the direct material price variance for the company last month be causing the direct material quantity variance? direct material price variance might mean that World Class Rings purchased a alloy than the standard allows. This accounts for the quantity (officiency) variance. The V. As a result, the company