Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.25q) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.25g) Oyster bed maintenance ($3,300) Wages and salaries ($2,000+ $0.40g) Shipping ($0.70q) Utilities ($1,240) Other ($410 + $0.01g) Total expense Net operating income Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other The actual results for August were as follows: Quilcene Oysteria Income Statement. For the Month Ended August 31 Total expense Net operating income Revenue Expenses: 7,600 $ 32,300 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 1,900 3,300 5,040 Packing supplies Oyster bed maintenance 5,320 1,240 486 17,286 $ 15,014 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.) 7,600 $ 27,200 2,070 3,160 5,450 5,050 1,050 1,106 17,886 $ 9,314
Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.25q) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.25g) Oyster bed maintenance ($3,300) Wages and salaries ($2,000+ $0.40g) Shipping ($0.70q) Utilities ($1,240) Other ($410 + $0.01g) Total expense Net operating income Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other The actual results for August were as follows: Quilcene Oysteria Income Statement. For the Month Ended August 31 Total expense Net operating income Revenue Expenses: 7,600 $ 32,300 Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 1,900 3,300 5,040 Packing supplies Oyster bed maintenance 5,320 1,240 486 17,286 $ 15,014 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.) 7,600 $ 27,200 2,070 3,160 5,450 5,050 1,050 1,106 17,886 $ 9,314
Chapter1: Financial Statements And Business Decisions
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![Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3]
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company
harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for
August appears below:
Actual pounds (q)
Revenue ($4.25q)
Expenses:
Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
Packing supplies ($0.25g)
Oyster bed maintenance ($3,300)
Wages and salaries ($2,000+ $0.40g)
Shipping ($0.70q)
Utilities ($1,240)
Other ($410 + $0.01g)
Total expense
Net operating income
Actual pounds
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
The actual results for August were as follows:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Total expense
Net operating income
Revenue
Expenses:
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
7,600
$ 32,300
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
1,900
3,300
5,040
5,320
1,240
486
Total expense
Net operating income
17,286
$ 15,014
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.)
7,600
$ 27,200
2,070
3,160
5,450
5,050
1,050
1,106
17,886
$9,314](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15a526c6-de52-4025-8530-5e7aa950042d%2F05166ca2-7a9a-4321-a7f4-6c52b2665477%2Fxg1lq3u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3]
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company
harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for
August appears below:
Actual pounds (q)
Revenue ($4.25q)
Expenses:
Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
Packing supplies ($0.25g)
Oyster bed maintenance ($3,300)
Wages and salaries ($2,000+ $0.40g)
Shipping ($0.70q)
Utilities ($1,240)
Other ($410 + $0.01g)
Total expense
Net operating income
Actual pounds
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
The actual results for August were as follows:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Total expense
Net operating income
Revenue
Expenses:
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
7,600
$ 32,300
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
1,900
3,300
5,040
5,320
1,240
486
Total expense
Net operating income
17,286
$ 15,014
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.)
7,600
$ 27,200
2,070
3,160
5,450
5,050
1,050
1,106
17,886
$9,314
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