Lcene Oysteria exible Budget onth Ended August 31 8,000 $ 33,600 3. 30q) nce ($3,000) $2,400 + $0.30q) 2,400 3,000 4,800 6,400 1,220 560 18,380 $ 15,220 gust appear below: steria tement led August 31

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 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 (q)
8,000
$ 33,600
Revenue ($4.20q)
Expenses:
Packing supplies ($0.30q)
Oyster bed maintenance ($3,000)
Wages and salaries ($2,400 + $0.30g)
Shipping ($0.80q)
Utilities ($1,220)
Other ($480 + $0.01q)
Total expense
2,400
3,000
4,800
6,400
1,220
560
18,380
$ 15,220
Net operating income
The actual results for August appear below:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Actual pounds
8,000
Revenue
$ 27,000
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
2,570
2,860
5,210
6,130
1,030
1,180
18,980
$ 8,020
Other
Total expense
Net operating income
Transcribed Image Text:Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 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 (q) 8,000 $ 33,600 Revenue ($4.20q) Expenses: Packing supplies ($0.30q) Oyster bed maintenance ($3,000) Wages and salaries ($2,400 + $0.30g) Shipping ($0.80q) Utilities ($1,220) Other ($480 + $0.01q) Total expense 2,400 3,000 4,800 6,400 1,220 560 18,380 $ 15,220 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 Revenue $ 27,000 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,570 2,860 5,210 6,130 1,030 1,180 18,980 $ 8,020 Other Total expense Net operating income
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.)
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
Transcribed Image Text: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.) 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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