Perfecto Foods manufactures pumpkin scones. For January 2017, it budgeted to purchase and use 14,750 pounds of pumpkin at $0.92 a pound. Actual purchases and usage for January 2017 were 16,000 pounds at $0.85 a pound. Perfecto budgeted for 59,000 pumpkin scones. Actual output was 59,200 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 X 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 X 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 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 Sales-Volume Static Flexible-Budget Variance Results Budget Variance Budget Pumpkin costs 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 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 budgeted purchase cost per pound. the budgeted yield. The company The used One explanation may be that Perfecto purchased quality pumpkins at a cost per pound