Perfecto 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. Perfecto budgeted for 66,000 pumpkin scones. Actual output was 57,800 pumpkin scones. Read the requirements. Requirement 1. Compute the flexible-budget variance. Let's begin by determining the formula used to calculate the actual pumpkin costs, then enter the amounts in the formula and calculate the cost. X = Actual pumpkin costs Now determine the formula and calculate the pumpkin costs that will be found in the static budget column of your analysis. Static budget pumpkin costs Determine the formula and calculate the pumpkin costs for the flexible budget. (Round your answer to the nearest whole dollar.) X Flexible budget pumpkin costs Actual Input Qty Actual Flexible Costs Budgeted Price Budget The price variance is $ (Label the variance as favorable (F) or unfavorable (U).) The efficiency variance is $ |(Label the variance as favorable (F) or unfavorable (U).) Requirement 3. Comment on the results for requirements 1 and 2 and provide a possible explanation for them. The price variance reflects the actual purchase cost being efficiency variance reflects the actual materials yield being pumpkins (materials) to make the scones than was budgeted. The the budgeted purchase cost per pound. the budgeted yield. The company used One explanation may be that Perfecto purchased quality pumpkins at a cost per pound