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Meadow Foods manufactures pumpkin scones. For January 2017, it budgeted to purchase and use 15,750 pounds of pumpkin at $0.90 a pound. Actual purchases and usage for January 2017 were 16,750 pounds at $0.84 a pound. Meadow budgeted for 63,000 pumpkin scones. Actual output was 60,300 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. Actual pumpkin costs X 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 x costs X Determine the formula and calculate the pumpkin costs for the flexible budget. (Round your answer to the nearest whole dollar) Flexible budget pumpkin costs F 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 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 Costs Budgeted Price Budget Flexible The price variance is $ Label the variance as favorable (F) or unfavorable (U).) The efficiency variance is $ U. Label the variance as favorable (F) or unfavorable (U).)