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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold...

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Accounting

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold $7, 500$ pounds of oysters in August. The companys flexible budget for August appears below:

Quilcene Oysteria

Flexible Budget

For the Month Ended August $31$

Actual pounds $($ q $) 7, 500$

Revenue $($ $ $4.10$ q $)$ $ $30, 750$

Expenses:

Packing supplies $($ $ $0.30$ q $) 2, 250$

Oyster bed maintenance $($ $ $3, 400) 3, 400$

Wages and salaries $($ $ $2, 500 +$ $ $0.40$ q $) 5, 500$

Shipping $($ $ $0.70$ q $) 5, 250$

Utilities $($ $ $1, 240) 1, 240$

Other $($ $ $450 +$ $ $0.01$ q $) 525$

Total expense $18, 165$

Net operating income $ $12, 585$

The actual results for August appear below:

Quilcene Oysteria

Income Statement

For the Month Ended August $31$

Actual pounds $7, 500$

Revenue $ $26, 500$

Expenses:

Packing supplies $2, 420$

Oyster bed maintenance $3, 260$

Wages and salaries $5, 910$

Shipping $4, 980$

Utilities $1, 050$

Other $1, 145$

Total expense $18, 765$

Net operating income $ $7, 735$

Required:

Calculate the companys 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. $)$

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