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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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.20q) $ 29,820 Expenses: Packing supplies ($0.30g) 2,130 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,200 + $0.25q) 3,975 Shipping ($0.609) 4,260 Utilities ($1,220) 1,220 Other ($450 + $0.019) 521 Total expense 15,606 Net operating income $14,214 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 expense Net operating income Required: 7,100 $ 27,000 2,300 3,360 4,385 3,990 1,030 1,141 16,206 $ 10,794 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.) Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income

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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.20q) $ 29,820 Expenses: Packing supplies ($0.30g) 2,130 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,200 + $0.25q) 3,975 Shipping ($0.609) 4,260 Utilities ($1,220) 1,220 Other ($450 + $0.019) 521 Total expense 15,606 Net operating income $14,214 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 expense Net operating income Required: 7,100 $ 27,000 2,300 3,360 4,385 3,990 1,030 1,141 16,206 $ 10,794 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.) Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 1PA: Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and...
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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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.20q) $ 29,820 Expenses: Packing supplies ($0.30g) 2,130 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,200 + $0.25q) 3,975 Shipping ($0.609) 4,260 Utilities ($1,220) 1,220 Other ($450 + $0.019) 521 Total expense 15,606 Net operating income $14,214 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 expense Net operating income Required: 7,100 $ 27,000 2,300 3,360 4,385 3,990 1,030 1,141 16,206 $ 10,794 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.) Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income
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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.20q) $ 29,820 Expenses: Packing supplies ($0.30g) 2,130 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,200 + $0.25q) 3,975 Shipping ($0.609) 4,260 Utilities ($1,220) 1,220 Other ($450 + $0.019) 521 Total expense 15,606 Net operating income $14,214 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 expense Net operating income Required: 7,100 $ 27,000 2,300 3,360 4,385 3,990 1,030 1,141 16,206 $ 10,794 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.) Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income
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