Actual pounds (9) Revenue ($4.25q) Flexible Budget For the Month Ended August 31 Expenses: Packing supplies ($0.259) Oyster bed maintenance ($3,000) Wages and salaries ($2,300 + $0.259) Shipping ($0.709) Utilities ($1,300) Other ($470 + $0.019) Total expenses 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 expenses Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,400 $ 31,450 Packing supplies Oyster bed maintenance 1,850 3,000 4,150 5,180 1,300 544 16,024 $ 15,426 7,400 $ 27,300 Required: 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. 2,020 2,860 4,560 4,910 1,110 1,164 16,624 $ 10,676

Actual pounds (9) Revenue ($4.25q) Flexible Budget For the Month Ended August 31 Expenses: Packing supplies ($0.259) Oyster bed maintenance ($3,000) Wages and salaries ($2,300 + $0.259) Shipping ($0.709) Utilities ($1,300) Other ($470 + $0.019) Total expenses 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 expenses Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,400 $ 31,450 Packing supplies Oyster bed maintenance 1,850 3,000 4,150 5,180 1,300 544 16,024 $ 15,426 7,400 $ 27,300 Required: 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. 2,020 2,860 4,560 4,910 1,110 1,164 16,624 $ 10,676

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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am. 103.
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