4 1 points Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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 (9) Revenue ($4.15q) eBook Expenses: Hint Print Packing supplies ($0.359) Oyster bed maintenance ($3,300) Wages and salaries ($2,200 + $0.359) Shipping ($0.709) Utilities ($1,260) Other ($460 + $0.019) Total expenses Net operating income. The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,000 $ 29,050 2,450 3,300 4,650 4,900 1,260 530 17,090 $ 11,960 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income. Required: 7,000 $ 27,300 2,620 3,160 5,060 4,630 1,070 1,150 17,690 $ 9,610 Calculate the company's revenue and spending variances for August. Note: 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. Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income F F F F F F
4 1 points Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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 (9) Revenue ($4.15q) eBook Expenses: Hint Print Packing supplies ($0.359) Oyster bed maintenance ($3,300) Wages and salaries ($2,200 + $0.359) Shipping ($0.709) Utilities ($1,260) Other ($460 + $0.019) Total expenses Net operating income. The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,000 $ 29,050 2,450 3,300 4,650 4,900 1,260 530 17,090 $ 11,960 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income. Required: 7,000 $ 27,300 2,620 3,160 5,060 4,630 1,070 1,150 17,690 $ 9,610 Calculate the company's revenue and spending variances for August. Note: 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. Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income F F F F F F
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:4
1
points
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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 (9)
Revenue ($4.15q)
eBook
Expenses:
Hint
Print
Packing supplies ($0.359)
Oyster bed maintenance ($3,300)
Wages and salaries ($2,200 + $0.359)
Shipping ($0.709)
Utilities ($1,260)
Other ($460 + $0.019)
Total expenses
Net operating income.
The actual results for August were as follows:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
7,000
$ 29,050
2,450
3,300
4,650
4,900
1,260
530
17,090
$ 11,960
Actual pounds
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expenses
Net operating income.
Required:
7,000
$ 27,300
2,620
3,160
5,060
4,630
1,070
1,150
17,690
$ 9,610
Calculate the company's revenue and spending variances for August.
Note: 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.
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expenses
Net operating income
F
F
F
F
F
F
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education