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Franklin Manufacturing Companyr produces a component part of a top secret military communication device. Standard production and cost data for the part. Product )(1 foilow: .1 mm I--lI-- m I\"I-- --I-Iam Franklin purchased and used 43,090 pounds of material at an average cost of $1.34 per pound. Labor usage amounted to 531510 hours at an average of $8.33 per hour. Actual production amounted to 211900 units Actual fixed overhead costs amounted to 550313100. The company completed and sold alt inventory for 51.920000. Rewlred Prepare a materials variance information table showing the standard price. the actuai price' the standard quantity, and the actual quantity. Calculate the materiats price and usage variances. Indicate whether the variances are favorable {H or unfavorable {LI}. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours Calculate the labor price and usage variances. intcate whether the variances are favorable {F1 or unfavorable {LI}. Calculate the predetermined overhead rate, assuming that Franklin uses the numberof units as the allocation base. Calculate the fixed cost spending and volume variances and indicate whether they are favora bfe {F} or un'hvorable {U}. Determine the amount of gross margin Franklin would report on the year-end income statement. Prepare a materials variance information table showing the standard price. the actual price' the standard quantity, and the actual quantity. {Round "Standard price' and "Actual price' to 2 decimai places} Standard price Standard ouanti'tyr for flexible budget Calculate the materiais price and usage variances. Indicate wl'uetherthe variances are favorable {F} or unfavorable {LI}. {Select "None\" if there is no effect {i.e.' zero variance). Hound \"Price variance\" to 2 decimal places.) Prepare a labor variance information table showing the standard price, the actual price: the standard hours; and the actual hours {Round "Standard price\" and 'Actual price\" to 2 decimal places} Standard pnce Standard hours forexible budget Achsal hours used Calculate the labor price and usage variances. indicate whether the variances are favorable {FJ or unfavorable {U}. {Select "None" 'rfthere is no effect {i.e.' zero variance). Round 'Price variance" to 2 decimal places.) Price variance Usage variance Calculate the predetermined overhead rate, assuming that Franklin uses the numbero'f units as the allocation base. {Round your answer to 2 decimal places} Calculate the fixed cost spending and volume variances and indicate whether they:r are favorable {F} or unfavorable {LI}. {Select "None" 'rfthere is no effect {i.e.' zero variancejij Spending variance i.{olume variance Determine the amount of gross margin Franklin would report on the year-end income statement. {Round intermediate calculations to the nearest 1.vl'iole dollar]
