World Class Rings produces class rings. Its best-selling model has a direct materials standard of 16 grams of a specially perring This special alloy has a standard cost of $6330 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 1000 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 vanane? (Abbreviations used M uret materials) Begin by determining the formula for the price variance, the compute the price variance for direct material and your variance amount to the nearest whole Label the range as favorable ) or unfavorable Enter the variance as a positive number Round interim calculations to the nearest cert ) 1) O price variance Requirement 3. What is the direct material quantity variance? Abbreviations used. OM Direct materials) Determine the formula for the quantity vanance, then compute the quantity variance for direct materials Enter the variance as a posve number Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar Label the lance as favorable For unfavorable ) DMuarity 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 a As a result, the company the standard allows. This accounts for the quantity ( ciency) variance alloy than Requirements 1. What is the actual cost per gram of the special alloy that World Class 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 Done