August. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (q)7,500Revenue ($4.10q)Expenses:$30,750Packing supplies ($0.30q)Oyster bed maintenance ($3,300)2,2503,300Wages and salaries ($2,400 + $0.30q)Shipping ($0.55q)4,6504, 125Utilities ($1,220)Other ($440 + $0.019)1,220515Total expense16,060Net operating income$ 14,690The actual results for August appear below:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual pounds7,500Revenue$26,500Expenses:Packing supplies2,420Oyster bed maintenance3,160Wages and salaries5,0603,855ShippingUtilities1,030Other1,135Total expense16,660$ 9,840Net operating income Required: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 31RevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expenseNet operating income

Revenue and spending variances are based on Budgeted costs for actual level of activity and actual…

August. The company's flexible budget for August appears Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,500 Revenue ($4.10q) Expenses: $30,750 2,250 3,300 Packing supplies ($0.30q) Oyster bed maintenance ($3,300) Wages and salaries ($2,400 + $0.30q) Shipping ($0.55q) Utilities ($1,220) 4,650 4,125 1,220 Other ($440 + $0.019) 515 Total expense 16,060 Net operating income $14,690 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 3,160 Oyster bed maintenance Wages and salaries 5,060 3,855 Shipping Utilities 1,030 Other 1,135 Total expense 16,660 $ 9,840 Net operating income

August. The company's flexible budget for August appears Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,500 Revenue ($4.10q) Expenses: $30,750 2,250 3,300 Packing supplies ($0.30q) Oyster bed maintenance ($3,300) Wages and salaries ($2,400 + $0.30q) Shipping ($0.55q) Utilities ($1,220) 4,650 4,125 1,220 Other ($440 + $0.019) 515 Total expense 16,060 Net operating income $14,690 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 3,160 Oyster bed maintenance Wages and salaries 5,060 3,855 Shipping Utilities 1,030 Other 1,135 Total expense 16,660 $ 9,840 Net operating income

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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