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7-21 Price and efficiency variances. Peterson Foods manufactures pumpkin scones. For...

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7-21 Price and efficiency variances. Peterson Foods manufactures pumpkin scones. For January 2012 , it budgeted to purchase and use 15,000 pounds of pumpkin at $0.89 a pound. Actual purchases and usage for January 2012 were 16,000 pounds at $0.82 a pound. Peterson budgeted for 60,000 pumpkin scones. Actual output was 60,800 pumpkin scones. 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

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