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Grand Bikes established the following standards based upon the company's experience with their previous suppliers. The standards are as follows: Cost of titanium $ 19 per pound Titanium used per bicycle 8 lbs. Actual results for the first month using the online supplier of titanium are as follows: Bicycles produced 500 Titanium purchased 7,000 lb. for $112,000 Titanium used in production 5,500 lb.Next determine the formula and calculate the cost for the flexible budget. Budgeted input for actual output x Budgeted price Flexible budget cost Direct materials 4,000 19 76,000 Now compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variances variances Direct materialsKatharine Austen is the owner of Grand Bikes, a company that produces high quality cross-country bicycles. Grand Bikes participates in a supply chain that consists of suppliers, manufacturers, distributors, and elite blcycle shops. For several years Grand Bikes has purchased titanium from suppliers in the supply chain. Grand Bikes uses titanium for the bicycle frames because it is stronger and lighter than other metals and therefore increases the quality of the bicycle. Earlier this year, Grand Bikes hired Michael LaChut, 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 lower price. (Click the icon to viow the standard and actual information.) Road the rafimoment Requirement 1. Compute the direct matorials price and efficiency variances Let's begin by caloulating the cost for the actual input at the budgeted price Actual input Budgold price Cast Direct materials (purchases] 7,000 19 133.000 Direct materials (usage] 5.500 19 104.500 Next determine the formula and calculate the cost for the flexible budget Budgeted input for actual output Budgeted price Flexible budget cost 76,000 Direct materials 4,000 Now compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U) Choose from any list or enter any number in the input fields and then click Check