Franklin Fruit Basket Company produces baskets of assorted fruit. Below are the standard and actual costs for oranges in each fruit basket:| | Standard | Actual ||------------------------|----------|--------|| **Average number of oranges per basket** | 6.60 | 7.80 || **Price per orange** | $0.30 | $0.25 || **Cost of oranges per basket** | $1.98 | $1.95 |Franklin actually produced 25,700 baskets.**Required:**a. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U).b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U).**Note:** Select "None" if there is no effect (i.e., zero variance).| a. Total materials price variance | [ ] || b. Total materials usage variance | [ ] |**Explanation:**- **Materials Price Variance**: This measures the difference between the actual cost of materials and the standard cost, based on the actual quantity used. - **Materials Usage Variance**: This evaluates the difference in quantity of materials used compared to what should have been used according to standard. To assess if the variances are favorable or not, note that lower costs or fewer materials used than expected result in favorable variances, whereas higher costs or more materials used indicate unfavorable variances.

Name: Franklin Fruit Basket Company produces baskets of assorted fruit. Bel
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Description: Franklin Fruit Basket Company produces baskets of assorted fruit. Below are the standard and actual costs for oranges in each fruit basket:| | Standard | Actual ||------------------------|----------|--------|| **Average number

Direct Material Price Variance= Actual Quantity (Standard Rate - Actual Rate)Direct Material…

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anklin Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit llow. Standard 6.60 x $0.30 $ 1.98 a. Total materials price variance Actual 7.80 × $ 0.25 $ 1.95 Average number of oranges per basket Price per orange Cost of oranges per basket ranklin actually produced 25,700 baskets. Required a. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). Note: For all requirements, Select "None" if there is no effect (i.e., zero variance).

anklin Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit llow. Standard 6.60 x $0.30 $ 1.98 a. Total materials price variance Actual 7.80 × $ 0.25 $ 1.95 Average number of oranges per basket Price per orange Cost of oranges per basket ranklin actually produced 25,700 baskets. Required a. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). Note: For all requirements, Select "None" if there is no effect (i.e., zero variance).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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