Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (q) Revenue ($4.25q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,600) Wages and salaries ($2,600 + $0.40q) Shipping ($0.60q) Utilities ($1,280) Quilcene Oysteria Flexible Budget the Month Ended August 31 Other ($470 + $0.01g) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,400 $ 31,450 2,590 3,600 5,560 4,440 1,280 544 18,014 $ 13,436 7,400 $ 26,900 2,760 3,460 5,970 4,170 1,090 1,164 18,614 $ 8,286 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for
Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 pounds of oysters in August. The company's flexible budget for August appears below: The actual results for August were as follows: Required: Calculate the company's revenue and spending varlances for August. (Indicate the effect of each variance by selecting "F" for 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 (i.e., zero variance). Input all amounts as positive values.)
