Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,500 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 (9) Revenue ($4.10q) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,200) Wages and salaries ($2,000+ $0.389) Shipping ($0.75q) Utilities ($1,210) Other ($430 + $0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,500 $ 30,750 2,250 3,200 4,250 5,625 1,210 505 17,040 $ 13,710 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,500 $ 27,000 2,420 3,060 4,660 5,355 1,020 1,125 17,640 $ 9,360 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 (Le., zero variance). Input all amounts as positive values. Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue $ 3,750 Expenses: Packing supplies 170 Oyster bed maintenance 140 Wages and salaries 410 Shipping 270 Utilities 190 Other 620 Total expense Net operating income
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,500 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 (9) Revenue ($4.10q) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,200) Wages and salaries ($2,000+ $0.389) Shipping ($0.75q) Utilities ($1,210) Other ($430 + $0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,500 $ 30,750 2,250 3,200 4,250 5,625 1,210 505 17,040 $ 13,710 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,500 $ 27,000 2,420 3,060 4,660 5,355 1,020 1,125 17,640 $ 9,360 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 (Le., zero variance). Input all amounts as positive values. Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue $ 3,750 Expenses: Packing supplies 170 Oyster bed maintenance 140 Wages and salaries 410 Shipping 270 Utilities 190 Other 620 Total expense Net operating income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,500 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 (9)
Revenue ($4.10q)
Expenses:
Packing supplies ($0.309)
Oyster bed maintenance ($3,200)
Wages and salaries ($2,000+ $0.389)
Shipping ($0.75q)
Utilities ($1,210)
Other ($430 + $0.019)
Total expense
Net operating income
The actual results for August appear below:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
7,500
$ 30,750
2,250
3,200
4,250
5,625
1,210
505
17,040
$ 13,710
Actual pounds
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income
Required:
7,500
$ 27,000
2,420
3,060
4,660
5,355
1,020
1,125
17,640
$ 9,360
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 (Le., zero
variance). Input all amounts as positive values.
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
Revenue
$
3,750
Expenses:
Packing supplies
170
Oyster bed maintenance
140
Wages and salaries
410
Shipping
270
Utilities
190
Other
620
Total expense
Net operating income
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