Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (g) Revenue ($4.15 g) Expenses: Packing supplies ($0.30g) Oyster bed maintenance ($3,600) Wages and salaries ($2,100 + $0.50 g) Shipping ($0.60 g) Utilities ($1,240) Other ($430 + $0.01g) Total expense Net operating income. The actual results for August appear below: Quilcene Oysteria Income Statement. For the Month Ended August 31 Actual pounds Revenue Quilcene Oysteria Flexible Budget For the Month Ended August 31 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income. Revenue Expenses: 7,100 $ 26,500 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 2, 300 3, 460 6, 060 3, 990 1, 050 1, 121 17,981 $ 8,519 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 Total expense Net operating income 7, 100 $ 29, 465 2, 130 3, 600 5, 650 4, 260 1, 240 501 17,381 $12, 084
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (g) Revenue ($4.15 g) Expenses: Packing supplies ($0.30g) Oyster bed maintenance ($3,600) Wages and salaries ($2,100 + $0.50 g) Shipping ($0.60 g) Utilities ($1,240) Other ($430 + $0.01g) Total expense Net operating income. The actual results for August appear below: Quilcene Oysteria Income Statement. For the Month Ended August 31 Actual pounds Revenue Quilcene Oysteria Flexible Budget For the Month Ended August 31 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income. Revenue Expenses: 7,100 $ 26,500 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 2, 300 3, 460 6, 060 3, 990 1, 050 1, 121 17,981 $ 8,519 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 Total expense Net operating income 7, 100 $ 29, 465 2, 130 3, 600 5, 650 4, 260 1, 240 501 17,381 $12, 084
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August.
The company's flexible budget for August appears below:
Actual pounds (g)
Revenue ($4.15 g)
Expenses:
Packing supplies ($0.30g)
Oyster bed maintenance ($3,600)
Wages and salaries ($2,100 + $0.50 g)
Shipping ($0.60 g)
Utilities ($1,240)
Other ($430 + $0.01g)
Total expense
Net operating income.
The actual results for August appear below:
Quilcene Oysteria
Income Statement.
For the Month Ended August 31
Actual pounds
Revenue
Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income.
Revenue
Expenses:
7,100
$ 26,500
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
2, 300
3, 460
6, 060
3, 990
1, 050
1, 121
17,981
$ 8,519
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
Total expense
Net operating income
7, 100
$ 29, 465
2, 130
3, 600
5, 650
4, 260
1, 240
501
17,381
$12, 084
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