Baird Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of...
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Accounting
Baird Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow.
| Standard | Actual | |||||
| Average number of oranges per basket | 5.10 | 6.80 | ||||
| Price per orange | $ | 0.30 | $ | 0.25 | ||
| Cost of oranges per basket | $ | 1.53 | $ | 1.70 | ||
| | ||||||
Baird actually produced 25,200 baskets.
Required
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Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U).
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Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U).
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