Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 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 ($4.259) Expenses: Packing supplies ($0.409) Oyster bed maintenance ($3,500) Wages and salaries ($2,500 + $0.459) Shipping ($0.559) Utilities ($1,260) Other ($480 + $0.019) Total expense Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 31,450 2,960 3,500 5,830 4,070 1,260 554 18,174 $ 13,276 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,400 $ 27,000 3,130 3,360 6,240 3,800 1,070 1,174 18,774 $ 8,226 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 Revenue Expenses: 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 7,400 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 ($4.259) Expenses: Packing supplies ($0.409) Oyster bed maintenance ($3,500) Wages and salaries ($2,500 + $0.459) Shipping ($0.559) Utilities ($1,260) Other ($480 + $0.019) Total expense Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 31,450 2,960 3,500 5,830 4,070 1,260 554 18,174 $ 13,276 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Required: 7,400 $ 27,000 3,130 3,360 6,240 3,800 1,070 1,174 18,774 $ 8,226 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 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income
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 7,400 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 ($4.259)
Expenses:
Packing supplies ($0.409)
Oyster bed maintenance ($3,500)
Wages and salaries ($2,500 + $0.459)
Shipping ($0.559)
Utilities ($1,260)
Other ($480 + $0.019)
Total expense
Net operating income
The actual results for August were as follows:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
7,400
$ 31,450
2,960
3,500
5,830
4,070
1,260
554
18,174
$ 13,276
Actual pounds
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income
Required:
7,400
$ 27,000
3,130
3,360
6,240
3,800
1,070
1,174
18,774
$ 8,226
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
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income
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