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Data table Better Bikes established the following standards based upon the company's experience with their previous suppliers. The standards are as follows: Actual results for the first month using the online supplier of titanium are as follows: Requirements 1. Compute the direct materials price and efficiency variances. 2. What factors can explain the variances identified in requirement 1 ? Could any other variances be affected? 3. Was switching suppliers a good idea for Better Bikes? Explain why or why not. 4. Should Michael Gammaro's performance evaluation be based solely on price variances? Should the production manager's evaluation be based solely on efficiency variances? Why is it important for Katharine Preston to understand the causes of a variance before she evaluates performance? 5. Other than performance evaluation, what reasons are there for calculating variances? 6. What future problems could result from Better Bikes' decision to buy a lower quality of titanium from the online marketplace? Kathatine Preston is the owner of Befer Bikns, a compary that produces high qualty cross-country bicycles. Better Bikes participates in a supply chain that consists of supplers. manulacturers, distributors, and oilio bicyde shops. For several years Better Bikos has purchased thanium from suppliers in the supply chain. Bottar Bikes usps teanium for the bicycie lrames as purchasing manager. Michaed believed that he could redice costs if ho purchased titanium from an online marketclace at a lower price. Requirement 1. Comsute the dicot materials price and efficiency variances. Lefs begin by caiculathg the cost for the actual input at the budoeted price