Actual pounds (q)Revenue ($4.00g)Expenses:Packing supplies ($0.50q)Oyster bed maintenance ($3,200)Wages and salaries ($2,900 + $0.309)Shipping ($0.809)Utilities ($830)Other ($450+ $0.059)Total expenseNet operating incomeFlexible BudgetFor the Month Ended August 31The actual results for August appear below:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual poundsRevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expenseNet operating incomeRevenueExpenses:ShippingUtilitiesOtherPacking suppliesOyster bed maintenanceWages and salaries8,000$ 35, 2004,2003,1005,6406,950810980Total expenseNet operating income21,680$ 13,520Required:Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)Quilcene OysteriaRevenue and Spending VariancesFor the Month Ended August 318,000$ 32,0004,0003,2005,3006,40083085020,580$ 11,420

BudgetingResource allocation, organization planning, coordination, control, and motivation are the…

Actual pounds (q) Revenue ($4.00g) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.309) Shipping ($0.80g) Utilities ($830) Other ($450+ $0.059) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Flexible Budget For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Revenue Expenses: 8,000 $ 35,200 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 4,200 3,100 5,640 6,950 810 980 Total expense Net operating income 21,680 $ 13,520 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 8,000 $ 32,000 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.) 4,000 3,200 5,300 6,400 830 850 20,580 $ 11,420

Actual pounds (q) Revenue ($4.00g) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.309) Shipping ($0.80g) Utilities ($830) Other ($450+ $0.059) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Flexible Budget For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Revenue Expenses: 8,000 $ 35,200 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 4,200 3,100 5,640 6,950 810 980 Total expense Net operating income 21,680 $ 13,520 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 8,000 $ 32,000 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.) 4,000 3,200 5,300 6,400 830 850 20,580 $ 11,420

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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