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Compute the flexible-budget variances

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Question - Price and efficiency variances.  Peterson Foods manufacturers pumpkin scones.  For January 2009, it budgeted to purchase and use 15,000 pounds of pumpkin at $0.89 a pound.  Actual purchases and usage for January 2009 were 16,000 pounds at $0.82 a pound.  It budgets for 60,000 pumpkin scones.  Actual output was 80,800 pumpkin scones.

1. Compute the flexible-budget variances.

2. Compute the price and efficiency variances.

3. Comment on the above results and provide a possible explanation for them.

Reference no: EM131788531

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