Exercise 9-3 (Algo) Revenue and Spending Varlances [(LO9-3] Quilcene Oysterla farms and sells oysters In the Pacific Northwest. The company harvested and sold 7,500 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) 7,500 $ 30,75e Revenue ($4.10) Expenses: Packing supplies ($0.259) Oyster bed naintenance ($3,000) Wages and salaries ($2,G00 + se.30g) Shipping ($e.55g) Utilities ($1,270) other ($460 + se.01g) Total expense 1,875 3,000 4,85e 4,125 1,27e 535 15,655 $ 15,095 Net operating income The actual results for August were as follows: Quilcene Oysterla Income Statenent For the Month Ended August 31 Actual pournds 7.500 Revenue $27,400 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Uulities 2,045 2,860 5, 260 3,855 1,080 1,155 16,255 $ 11,145 other Total expense Net operating incone Required: Calculate the company's revenue and spending varlances for August (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e, zero varlance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31
Exercise 9-3 (Algo) Revenue and Spending Varlances [(LO9-3] Quilcene Oysterla farms and sells oysters In the Pacific Northwest. The company harvested and sold 7,500 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) 7,500 $ 30,75e Revenue ($4.10) Expenses: Packing supplies ($0.259) Oyster bed naintenance ($3,000) Wages and salaries ($2,G00 + se.30g) Shipping ($e.55g) Utilities ($1,270) other ($460 + se.01g) Total expense 1,875 3,000 4,85e 4,125 1,27e 535 15,655 $ 15,095 Net operating income The actual results for August were as follows: Quilcene Oysterla Income Statenent For the Month Ended August 31 Actual pournds 7.500 Revenue $27,400 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Uulities 2,045 2,860 5, 260 3,855 1,080 1,155 16,255 $ 11,145 other Total expense Net operating incone Required: Calculate the company's revenue and spending varlances for August (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e, zero varlance). Input all amounts as positive values.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 9-3 (Algo) Revenue and Spending Varlances [LO9-3]
Quilcene Oysterla farms and sells oysters In the Pacific Northwest. The company harvested and sold 7,500 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)
7,500
$ 30,75e
Revenue ($4.10g)
Expenses:
Packing supplies ($0.25q)
Oyster bed naintenance ($3,000)
Wages and salaries ($2,6G00 + se.309)
Shipping ($e.55g)
Utilities ($1,270)
other ($460 + se.014)
Total expernse
1,875
3,000
4,85e
4,125
1,270
535
15,655
$ 15,095
Net operating income
The actual results for August were as follows:
Quilcene Oysteria
Income Statenent
For the Month Ended August 31
Actual pournds
7.500
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Uulities
$27,400
2, 045
2,860
5,260
3,855
1, 080
1,155
16, 255
other
Total expense
Net operating incone
$ 11,145
Required:
Calculate the company's revenue and spending varlances for August (Indicate the effect of each varlance by selecting "F" for
favorable, "U" for unfavorable, and "None" for no effect (I.e, zero varlance). 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 expense
Net operating income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa204cf79-6df4-4f25-af61-d4fca6ca5b9e%2Fe75bd041-58d5-49c5-b834-9e3afd686932%2Fmluzy4g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-3 (Algo) Revenue and Spending Varlances [LO9-3]
Quilcene Oysterla farms and sells oysters In the Pacific Northwest. The company harvested and sold 7,500 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)
7,500
$ 30,75e
Revenue ($4.10g)
Expenses:
Packing supplies ($0.25q)
Oyster bed naintenance ($3,000)
Wages and salaries ($2,6G00 + se.309)
Shipping ($e.55g)
Utilities ($1,270)
other ($460 + se.014)
Total expernse
1,875
3,000
4,85e
4,125
1,270
535
15,655
$ 15,095
Net operating income
The actual results for August were as follows:
Quilcene Oysteria
Income Statenent
For the Month Ended August 31
Actual pournds
7.500
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Uulities
$27,400
2, 045
2,860
5,260
3,855
1, 080
1,155
16, 255
other
Total expense
Net operating incone
$ 11,145
Required:
Calculate the company's revenue and spending varlances for August (Indicate the effect of each varlance by selecting "F" for
favorable, "U" for unfavorable, and "None" for no effect (I.e, zero varlance). 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 expense
Net operating income
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