Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 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) 7,900 $ 33,575 Revenue ($4.25g) Expenses: Packing supplies ($0.40q) Oyster bed maintenance ($3,100) Wages and salaries ($2,100 + $0.30g) Shipping ($0.75g) Utilities ($1,230) Other ($500 + $0.01g) Total expense 3,160 3,100 4,470 5,925 1,230 579 18,464 Net operating income $ 15,111 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,900 Revenue $ 26,700 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 3,330 2,960 4,880 5,655 1,040 1,199 19,064 Other Total expense Net operating income $ 7,636 Required: 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 farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 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) 7,900 $ 33,575 Revenue ($4.25g) Expenses: Packing supplies ($0.40q) Oyster bed maintenance ($3,100) Wages and salaries ($2,100 + $0.30g) Shipping ($0.75g) Utilities ($1,230) Other ($500 + $0.01g) Total expense 3,160 3,100 4,470 5,925 1,230 579 18,464 Net operating income $ 15,111 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,900 Revenue $ 26,700 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 3,330 2,960 4,880 5,655 1,040 1,199 19,064 Other Total expense Net operating income $ 7,636 Required: 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.)

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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