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Katharine Stanley is the owner of Action Bikes, a company that produces high quality cross-country bicycles Action Bikes participates in a supply chain that consists of sup has purchased titanium from suppliers in the supply chain. Action Bikes uses titanium for the bicycle frames because it is stronger and lighter than other metals and thereto a recent graduate from State University, as purchasing manager. Michael believed that he could reduce costs if he purchased titanium from an online marketplace at a low FF (Click the icon to view the standard and actual information,) Read the requirements Requirement 1. Compute the direct materials price and efficiency variances. Let's begin by calculating the cost for the actual input at the budgeted price. Actual input Budgeted price Cost Direct materials (purchases) 4.700 84,600 Direct materials (usage) 4 200 75,600 Next determine the formula and calculate the cost for the flexible budget. Budgeted input for actual output Budgeted price = Flexible budget cost Direct materials 3,200 57,600 Now compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variances variances Direct materials Choose from any list or enter any number in the input fields and then click Check Answer. parts Clear All CO remaining O Type here to search IIi Data Table -X X Action Bikes established the following standards based upon the company's experience with their previous suppliers. The standards are ce as follows: Cost of titanium $ 18 per pound Titanium used per bicycle 8 lbs. Actual results for the first month using the online supplier of titanium Budg are as follows: Bicycles produced 400 Titanium purchased 4.700 lb. for $75,200 each varia Titanium used in production 4. 200 lb Print Done click Check Answer.any that produces high quality cross-country bicycles. Action Bikes participates in a supply chain that consists of suppliers, manufacturers, d ain. Action Bikes uses titanium for the bicycle frames because it is stronger and lighter than other metals and therefore increases the quality manager. Michael believed that he could reduce costs if he purchased titanium from an online marketplace at a lower price. rmation.) X Requirements d efficiency variances. at the budgeted price. Compute the direct materials price and efficiency variances. Budgeted price What factors can explain the variances identified in requirement 17 Could any other variances be affected? 11 Was switching suppliers a good idea for Action Bikes? Explain why or why not Should Michael Sesnie's performance evaluation be based solely on price the flexible budget variances? Should the production manager's evaluation be based solely on efficiency variances? Why is it important for Katharine Stanley to understand tual output Budd the causes of a variance before she evaluates performance? X Other than performance evaluation, what reasons are there for calculating variances? direct materials. Label each vari What future problems could result from Action Bikes' decision to buy a lower quality of titanium from the online marketplace? Efficiency variances Print Done input fields and then click Check Answer. Clear All