Orange Foods manufactures pumpkin scones. For January 2017, it budgeted to purchase and use 16,500 pounds of pumpkin at $0.87 a pound. Actual purchases and usage for January 2017 were 17,000 pounds at $0.82 a pound. Orange budgeted for 66,000 pumpkin scones. Actual output was 57,800 pumpkin scones. Read the requirements. 0.87 16,500 14,355 Determine the formula and calculate the pumpkin costs for the flexible budget. (Round your answer to the nearest whole dollar.) Budgeted cost per pound Budgeted input for actual output = Flexible budget pumpkin costs 0.87 14,450 = $ 12,572 X Now enter the amounts above into the analysis and determine the flexible-budget variance. (Round your answers to the nearest whole dollar. Label each variance as favorable (F) or unfavorable (U).) Actual Flexible-Budget Flexible Sales-Volume Static Results Variance Variance 1,368 Budget $ 12,572 $ Budget $ 14,355 Pumpkin costs $ 13,940 $ U 1,783 F Requirements Requirement 2. Compute the price and efficiency variances. Begin by completing the following table. (Round your answer to the nearest whole dollar. Abbreviation used: Qty = quantity) Actual Input Qty 1. Compute the flexible-budget variance. 2. Compute the price and efficiency variances. 3. Comment on the results for requirements 1 and 2 and provide a possible explanation for them. Actual Flexible Costs Budgeted Price 13,940 $ 14,790 $ Budget 12,572 $ The price variance is $ 850 F (Label the variance as favorable (F) or unfavorable (U).) Print Done The efficiency variance is $ 2219 U. (Label the variance as favorable (F) or unfavorable (U).)