Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters inAugust. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (g)7,600Revenue ($4.05g)$ 30,780Expenses:Packing supplies ($0.40g)Oyster bed maintenance ($3,400)Wages and salaries ($2,200 + $0.35q)Shipping ($0.60g)Utilities ($1,240)Other ($410 + $0.01g)Total expense3,0403,4004,8604,5601,24048617,586$ 13,194Net operating incomeThe actual results for August appear below:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual pounds7,600$ 26,500RevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilities3,2103,2605,2704,2901,0501,10618,186$ 8,314OtherTotal expenseNet operating income Required:Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)Quilcene OysteriaRevenue and Spending VariancesFor the Month Ended August 31RevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expenseNet operating income

Revenue and spending variance = Budgeted result - Actual Result

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 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 (g) 7,600 $ 30,780 Revenue ($4.05q) Expenses: Packing supplies ($0.40g). Oyster bed maintenance ($3,400) Wages and salaries ($2,200 + $0.35g) Shipping ($0.60g) Utilities ($1,240) Other ($410 + $0.01q) Total expense 3,040 3,400 4,860 4,560 1,240 486 17,586 $ 13,194 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 Revenue $ 26,500 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping 3,210 3,260 5,270 4,290 1,050 Utilities 1,106 18,186 Other Total expense $ 8,314 Net operating income

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 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 (g) 7,600 $ 30,780 Revenue ($4.05q) Expenses: Packing supplies ($0.40g). Oyster bed maintenance ($3,400) Wages and salaries ($2,200 + $0.35g) Shipping ($0.60g) Utilities ($1,240) Other ($410 + $0.01q) Total expense 3,040 3,400 4,860 4,560 1,240 486 17,586 $ 13,194 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 Revenue $ 26,500 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping 3,210 3,260 5,270 4,290 1,050 Utilities 1,106 18,186 Other Total expense $ 8,314 Net operating income

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 7,100 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 ($4.15q) $ 29,465 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,600) 3,600 Wages and salaries ($2,200 + $0.30q) 4,330 Shipping ($0.60q) 4,260 Utilities ($1,250) 1,250 Other ($410 + $0.01q) 481 Total expense 15,696 Net operating income $ 13,769 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 26,700 Expenses: Packing supplies 1,945 Oyster bed maintenance 3,460 Wages and salaries 4,740 Shipping 3,990 Utilities 1,060 Other 1,101 Total expense 16,296 Net operating income $ 10,404 Required: Calculate the company’s revenue…
Darling Harbor Co. manufactures chairs made of plastic tubing. Each chair requires 8 feet of tubing. The tubing costs $2 per foot. Budgeted production is: June 19,500 July 25,500 August 30,500 Budgeted production (# of chairs) Ending materials inventories are budgeted at 10% of the current month's production needs. There were 16,000 feet of tubing on hand at May 31. Prepare materials purchases budgets (in dollars) for June and July.
Actual pounds (9) Flexible Budget For the Month Ended August 31 Revenue ($4.189) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,500) Wages and salaries ($2,000 + $0.459) Shipping ($0.659) Utilities ($1,250) Other ($510 + $0.019) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 30,340 2,228 3,500 5,330 4,810 1,250 584 17,694 $ 12,646 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,400 $ 26,700 2,390 3,360 5,740 4,540 1,060 1,204 18,294 $ 8,406 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. Revenue Quilcene Oysteria Revenue and Spending Variances For the…
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 ($4.20q) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,180) Wages and salaries ($2,300 + $0.25q) Utilities ($1,250) Shipping ($0.750) Other ($460 +$0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 31,080 2,220 3,100 4,150 5,550 1,250 534 16,804 $ 14,276 Packing supplies Wages and salaries Actual pounds Revenue Expenses: 7,400 $ 27,300 2,390 Oyster bed maintenance. 2,960 4,560 5, 280 1,060 1,154 17,404 $ 9,896 Shipping Utilities Other Total expense Net operating income Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 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) 7,600 Revenue ($4.15q) $ 31,540 Expenses: Packing supplies ($0.40q) 3,040 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,000 + $0.25g) 3,900 Shipping ($0.80q) 6,080 Utilities ($1,280) 1,280 Other ($440 + $0.01q) 516 Total expense 18,216 $ 13,324 Net operating income The actual results for August appear below: 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 Required: 7,600 $ 26,800 3,210 3,260 4,310 5,810 1,090 1,136 18,816 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U"…
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 7,000 $ 28,700 Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3, 100) Wages and salaries ($2,500 + $0.45g) Shipping ($0.75q) Utilities ($1,210) Other ($480 + $0.01g) Total expense 2,450 3,100 5,650 5,250 1,210 550 18,210 $ 10,490 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,000 Revenue $ 27,400 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,620 2,960 6,060 4,980 1,020 1,170 18,810 Other Total expense $ 8,590 Net operating income Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…
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Yarbrough Company manufactures T-shirts printed with tourist destination logos. The following table shows sales prices and projected sales volume for the summer months: (Click the icon to view the data.) Prepare a sales budget for Yarbrough Company for the three months. - X Data Table Yarbrough Company Sales Budget June, July, and August Projected Sales in Units June July August Total T-Shirt Sizes Sales Price June July August Youth T-Shirts Youth $ 7 575 500 525 Adult-Regular T-Shirts Adult-regular 17 625 900 825 Adult-oversized 18 400 500 475 Adult-Oversized T-Shirts Total sales Print Done Activate Windows Enter any number in the edit fields and then click Check Answer.
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