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Harvest Foods manufactures pumpkin scones. For January 2017, it budgeted to purchase ane budgeted for 58,000 pumpkin scones. Actual output was 52,500 pumpkin scones. Read the fequirements Requirement 1. Compute the flexible-budget variance. Let's begin by determining the formula used to calculate the actual pumpkin costs, then entert Actual Now determine the formula and calculate the pumpkin costs that will be found in the static budg = Static bud x Determine the formula and calculate the pumpkin costs for the flexible budget. (Round your ansi Flexible but Now enter the amounts above into the analysis and determine the flexible-budget variance. (Rou Actual Flexible Flexible-Budget Variance Stati Results Sales-Volume Variance Budget Budg Pumpkin costs Requirement 2. Compute the price and efficiency variances. Begin by completing the following table. (Round your answer to the nearest whole dollar. Abbrevia Actual Input Qty Actual X Flexible For January 2017, it budgeted to purchase and use 14,500 pounds of pumpkin at $0.91 a pound. Actual purchases and u tput was 52,500 pumpkin scones. ariance. calculate the actual pumpkin costs, then enter the amounts in the formula and calculate the cost. Actual pumpkin costs umpkin costs that will be found in the static budget column of your analysis. Static budget pumpkin costs Kin costs for the flexible budget. (Round your answer to the nearest whole dollar.) = Flexible budget pumpkin costs and determine the flexible-budget variance. (Round your answers to the nearest whole dollar. Label each variance as favora udget Flexible Sales-Volume Static ce Budget Variance Budget mcy variances d your answer to the nearest whole dollar. Abbreviation used: Qty = quantity) Flexible pumpkin at $0.91 a pound. Actual purchases and usage for January 2017 were 15,000 pounds at $0.87 a pound. Harvest mula and calculate the cost. nalysis vhole dollar.) the nearest whole dollar. Label each variance as favorable (F) or unfavorable (U)) quantity) Harvest Foods manufactures pumpkin scones. For January 2017, it budgeted to purchase and use 14,500 pounds of pumpkin at budgeted for 58,000 pumpkin scones. Actual output was 52,500 pumpkin scones, Read the requirements Now enter the amounts above into the analysis and determine the flexible-budget variance. (Round your answers to the nearest w Actual Flexible-Budget Flexible Sales-Volume Static Results Variance 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 X 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).) Requiremont 3. Comment on the results for requirements 1 and 2 and provide a possible explanation for them. price variance reflects the actual purchase cost being the budgeted purchase cost per pound. efficiency variance reflects the actual materials yield being the budgeted yield. The company used pumpkins (materials) to make the scones than was budgeted. "The The One explanation may be that Harvest purchased quality pumpkins at a cost per pound. Variance Rudaet Requirements 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. Print Done nd provide a possible explanation for them. being yield being the budgeted purchase cost per pound. the budgeted yield. The company