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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 ed Actual pounds (q) Revenue ($4.10g) 7,900 $32,390 Expenses: k Packing supplies ($0.30g) 2,370 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,100+ $0.40q) 5,260 Shipping ($0.75q) 5,925 Utilities ($1,200) 1,200 Other ($510 + $0.019) Total expenses Net operating income CE 589 18,444 $13,946 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 31 7,900 $ 26,500 2,540 2,960 5,670 5,655 1,010 1,209 19,044 $ 7,456 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values. Revenue Quilcene Oysteria Revenue and Spending Variances. For the Month Ended August 31 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 ed Actual pounds (q) Revenue ($4.10g) 7,900 $32,390 Expenses: k Packing supplies ($0.30g) 2,370 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,100+ $0.40q) 5,260 Shipping ($0.75q) 5,925 Utilities ($1,200) 1,200 Other ($510 + $0.019) Total expenses Net operating income CE 589 18,444 $13,946 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 31 7,900 $ 26,500 2,540 2,960 5,670 5,655 1,010 1,209 19,044 $ 7,456 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values. Revenue Quilcene Oysteria Revenue and Spending Variances. For the Month Ended August 31 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income

FINANCIAL ACCOUNTING
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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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 ed Actual pounds (q) 7,900 Revenue ($4.10q) $ 32,390 Expenses: k Packing supplies ($0.30g) 2,370 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,100 + $0.40q) 5,260 Shipping ($0.75q) 5,925 Utilities ($1,200) 1,200 t Other ($510 + $0.019) 589 Total expenses 18,444 Net operating income $ 13,946 CE The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,900 $ 26,500 2,540 2,960 5,670 5,655 1,010 1,209 19,044 $ 7,456 Calculate the company's revenue and spending variances for August. Note: 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 expenses Net operating income
Transcribed Image Text:Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 ed Actual pounds (q) 7,900 Revenue ($4.10q) $ 32,390 Expenses: k Packing supplies ($0.30g) 2,370 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,100 + $0.40q) 5,260 Shipping ($0.75q) 5,925 Utilities ($1,200) 1,200 t Other ($510 + $0.019) 589 Total expenses 18,444 Net operating income $ 13,946 CE The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,900 $ 26,500 2,540 2,960 5,670 5,655 1,010 1,209 19,044 $ 7,456 Calculate the company's revenue and spending variances for August. Note: 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 expenses Net operating income
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