Exercise 8-12A (Algo) Responsibility for materials usage variance LO 8-6 Walton Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow. Average number of oranges per basket Price per orange Standard 9.60 Actual 10.00 x $0.30 x $ 0.25 $2.88 $ 2.50 Cost of oranges per basket Walton actually produced 26,800 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).)