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CoursHeroTranscribedText: Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters in August. The company's flexible budget for August appears below. Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7.800 Revenue (P4.10q) P 31,980 Expenses: Packing supplies (PO.30q) 2,340 Oyster bed maintenance (P3,500) 3,500 Wages and salarles (P2,200 * P0.45q) 5,710 Shipping (P0.70q) 5,480 Utilities (P1,270) 1,270 Other (P480 + P0.01q) 558 Total expense 18,838 Net operating income P 13, 142 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,800 Revenue P 27,300 Expenses: Packing supplies 2 510 Oyster bed maintenance 3.360 Wages and salaries 6.120 Shipping 5,190 Utilities 1,080 Other 1,178 Total expense 19,438 Net operating income P 7,862 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect Question 1 10 pts Prepare the variance analysis report based on the above budget and actual performance for the Month of August. in Tabular format. Actual Budget Varaince (F/U/N)

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