We have two processes. One process produces F and the other process consumes F

Initialization:

Consuming = false
Produced = false
F = EMPTY

The first thread (we can think of it as some kind of producer):

P1:
loop_for_ever:
    Produce(F)
    Consuming = true
    Produced = true
    while(Consuming) {Busy Wait)

And here is P2:

P2:
loop_for_ever:
    while(NOT Produced) {Busy Wait}
    Consume(F)
    Produced = false
    Consuming = false

One problem with this solution is after P1 has produced F, there is no way for P2 to consume F until P1 unlocks the Produced variable. Any other problems with this solution with regards to mutual exclusion? Is there a scenario in which P1 and P2 try to produce and consume F at the same time?

We have two processes. One process produces F and the other process consumes F

Initialization:

Consuming = false
Produced = false
F = EMPTY

The first thread (we can think of it as some kind of producer):

P1:
loop_for_ever:
    Produce(F)
    Consuming = true
    Produced = true
    while(Consuming) {Busy Wait)

And here is P2:

P2:
loop_for_ever:
    while(NOT Produced) {Busy Wait}
    Consume(F)
    Produced = false
    Consuming = false

One problem with this solution is after P1 has produced F, there is no way for P2 to consume F until P1 unlocks the Produced variable. Any other problems with this solution with regards to mutual exclusion? Is there a scenario in which P1 and P2 try to produce and consume F at the same time?

EDIT:

After reading fade2black's answer, I think I first need to address another more basic question. So let's add these extra conditions.

Extra conditions:

1- No mutex or semaphore based solution (only busy wait).

2- The threads have no remainder section (in that case this approach would obviously not work). Basically, what I am trying to do is to take a sequential algorithm (such as the one @fade2black has given) and distribute it among two threads. I could have blindly used an algorithm such as Dekker's (with turn given to P1 at the beginning). So I think first I need to find an answer for this question : "Is there any point to try and use a concurrent algorithm for this problem"? (when there is only one consumer and one producer and there is only one shared space between the two).