Franklin Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruitfollow.Average number of oranges per basketPrice per orangeCost of oranges per basketStandard6.60× $0.30$ 1.98a. Total materials price varianceb. Total materials usage varianceActual7.80* $ 0.25$ 1.95Franklin actually produced 25,700 baskets.Requireda. 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).< Prev3 of 5MacBook AirNext >

Name: Franklin Fruit Basket Company makes baskets of assorted fruit. The st
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Description: Franklin Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruitfollow.Average number of oranges per basketPrice per orangeCost of oranges per basketStandard6.60× $0.30$ 1.98a. Tota

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).

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 6PA: The Whizbang Company makes a special type of toy. Each top takes 6 ounces of a special material that...

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Stuart Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow. Standard Actual 9.40 Average number of oranges per basket Price per orange 9.00 x $0.30 x $0.25 Cost of oranges per basket $2.70 $2.35 Stuart actually produced 26,500 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). (For all requirements, Select "None" if there is no effect (i.e., zero variance).) a. Total materials price variance b. Total materials usage variance
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