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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (9) Revenue ($4.20q) Expenses: Packing supplies ($0.40q) Oyster bed maintenance ($3,400) Wages and salaries ($2,500 + $0.30g) Shipping ($0.659) Utilities ($1,260) Other ($450 + $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Shipping Utilities Packing supplies Oyster bed maintenance Wages and salaries Other Total expense Net operating income Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Shipping Utilities Other Total expense Net operating income Packing supplies Oyster bed maintenance Wages and salaries Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,200 $30,240 2,880 3,400 Required: Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values. 4,660 4,680 1,260 522 17,402 $ 12,838 7,200 $ 27,300 3,050 3,260 5,070 4,410 1,070 1,142 18,002 $ 9,298

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (9) Revenue ($4.20q) Expenses: Packing supplies ($0.40q) Oyster bed maintenance ($3,400) Wages and salaries ($2,500 + $0.30g) Shipping ($0.659) Utilities ($1,260) Other ($450 + $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Shipping Utilities Packing supplies Oyster bed maintenance Wages and salaries Other Total expense Net operating income Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Shipping Utilities Other Total expense Net operating income Packing supplies Oyster bed maintenance Wages and salaries Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,200 $30,240 2,880 3,400 Required: Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values. 4,660 4,680 1,260 522 17,402 $ 12,838 7,200 $ 27,300 3,050 3,260 5,070 4,410 1,070 1,142 18,002 $ 9,298

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 7,200 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (9) Revenue ($4.20q) Expenses: Packing supplies ($0.40q) Oyster bed maintenance ($3,400) Wages and salaries ($2,500 + $0.30g) Shipping ($0.659) Utilities ($1,260) Other ($450 + $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Shipping Utilities Packing supplies Oyster bed maintenance Wages and salaries Other Total expense Net operating income Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Shipping Utilities Other Total expense Net operating income Packing supplies Oyster bed maintenance Wages and salaries Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,200 $30,240 2,880 3,400 Required: 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 (1.e., zero varlance). Input all amounts as positive values. 4,660 4,680 1,260 522 17,402 $ 12,838 7,200 $ 27,300 3,050 3,260 5,070 4,410 1,070 1,142 18,002 $ 9,298
Transcribed Image Text:Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,200 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (9) Revenue ($4.20q) Expenses: Packing supplies ($0.40q) Oyster bed maintenance ($3,400) Wages and salaries ($2,500 + $0.30g) Shipping ($0.659) Utilities ($1,260) Other ($450 + $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Shipping Utilities Packing supplies Oyster bed maintenance Wages and salaries Other Total expense Net operating income Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Shipping Utilities Other Total expense Net operating income Packing supplies Oyster bed maintenance Wages and salaries Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 7,200 $30,240 2,880 3,400 Required: 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 (1.e., zero varlance). Input all amounts as positive values. 4,660 4,680 1,260 522 17,402 $ 12,838 7,200 $ 27,300 3,050 3,260 5,070 4,410 1,070 1,142 18,002 $ 9,298
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