Other ($400 + $0.01g) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance. Wages and salaries Shipping Utilities Quilcene Oysteria Income Statement For the Month Ended August 31 Other Total expense Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries 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.) Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 474 18,124 $ 12,216 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 7,400 $ 26,600 Total expense Net operating income 2,760 3,060 5,500 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive va 5,280 1,030 1,094 18,724 $ 7,876 $ 7,876
Other ($400 + $0.01g) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance. Wages and salaries Shipping Utilities Quilcene Oysteria Income Statement For the Month Ended August 31 Other Total expense Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries 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.) Net operating income Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 474 18,124 $ 12,216 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 7,400 $ 26,600 Total expense Net operating income 2,760 3,060 5,500 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive va 5,280 1,030 1,094 18,724 $ 7,876 $ 7,876
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:Other ($400 + $0.01g)
Total expense
Net operating income
The actual results for August were as follows:
Actual pounds
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Shipping
Utilities
Other
Total expense
Net operating income.
Revenue
Expenses:
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
Packing supplies
Oyster bed maintenance
Wages and salaries
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.)
Net operating income
Revenue
Expenses:
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
474
18,124
$ 12,216
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
7,400
$ 26,600
Total expense
Net operating income
2,760
3,060
5,500
5,280
1,030
Required:
Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by
favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive va
1,094
18,724
$7,876
$ 7,876
![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 7,400 pounds of oysters in
August. The company's flexible budget for August appears below:
For
Actual pounds (g)
Revenue ($4.10g)
Expenses:
Packing supplies ($0.35g)
Oyster bed maintenance ($3,200)
Wages and salaries ($2,500+ $0.35g)
Shipping ($0.75g)
Utilities ($1,220)
Quilcene Oysteria
Flexible Budget
the Month Ended August 31
Other ($400+ $0.01g)
Total expense
Net operating income
The actual results for August were as follows:
Quilcene Oysterial
Income Statement
For the Month Ended August 31
Actual pounds
Revenue
Expenses:
Packing supplies.
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income
7,400
$ 30,340
2,590
3,200
5,090
5,550
1,220
474
18,124
$ 12,216
7,400
$26,600
2,760
3,060
5,500.
5,280
1,030
1,094
18,724
$ 7,876](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F74c61ca9-effd-433d-8734-376df3377485%2F226d2d71-ae1c-40ee-b3d9-e47e5d86dfd0%2Fz4jmq4_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 7,400 pounds of oysters in
August. The company's flexible budget for August appears below:
For
Actual pounds (g)
Revenue ($4.10g)
Expenses:
Packing supplies ($0.35g)
Oyster bed maintenance ($3,200)
Wages and salaries ($2,500+ $0.35g)
Shipping ($0.75g)
Utilities ($1,220)
Quilcene Oysteria
Flexible Budget
the Month Ended August 31
Other ($400+ $0.01g)
Total expense
Net operating income
The actual results for August were as follows:
Quilcene Oysterial
Income Statement
For the Month Ended August 31
Actual pounds
Revenue
Expenses:
Packing supplies.
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income
7,400
$ 30,340
2,590
3,200
5,090
5,550
1,220
474
18,124
$ 12,216
7,400
$26,600
2,760
3,060
5,500.
5,280
1,030
1,094
18,724
$ 7,876
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