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Peterson Foods manufactures pumpkin scones

Finance

Peterson Foods manufactures pumpkin scones. For January 2014, it budgeted to purchase and use 15,000 pounds of pumpkin at $0.89 a pound. Actual purchases and usage for January 2014 were 16,000 pounds at $0.82 a pound. Peterson budgeted for 60,000 pumpkin scones. Actual output was 60,800 pumpkin scones.

 

Required:

  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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