Q4-Price and efficiency variances. Peterson Foods manufactures pumpkin scones. For January 2016, it budgeted to purchase and use 15,000 pounds of pumpkin at 0.89$ a pound; budgeted output was 60,000 scones.. Actual purchase and use for January 2016 was16,000 pound at 0.82$ a pound; actual output was 60,800 scones. REQUIRED: 1. Compute the flexible-budget variance. 2. Compute the price and efficiency variances. 3. Comment on the results in requirements 1 and 2.