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 Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3, 100) Wages and salaries ($2,500 + $0.45q) Shipping ($0.75q) Utilities ($1,210) Other ($480 + $0.01g) Total expense 7,000 $ 28,700 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 $ 27,400 Revenue 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 $ 8,590 Other Total expense Net operating income

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 Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3, 100) Wages and salaries ($2,500 + $0.45q) Shipping ($0.75q) Utilities ($1,210) Other ($480 + $0.01g) Total expense 7,000 $ 28,700 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 $ 27,400 Revenue 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 $ 8,590 Other Total expense 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 7,600 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"…
Gordin Kennel uses tenant-days as its measure of activity, an animal housed in the kennel for one day is counted as one tenant-day. During May, the kennel budgeted for 3,000 tenant-days, but its actual level of activity was 3,020 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for May: Multiple Choice Revenue $ 86,322 Wages and salaries $ 17,984 Food and supplies $ 32,444 Facility expenses $ 19,554 Administrative expenses $ 6,162 The spending variance for food and supplies in May would be closest to: O $840 U O Fixed element per month $0 $ 2,000 $840 F 800 8,500 6,000 $ 17,300 Variable element per tenant-day $ 27.60 $ 5.20 10.20 3.70 0.10 $19.20
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.
3 Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (g) Revenue ($4.20g) Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Packing supplies ($0.30g) Oyster bed maintenance ($3,000) Wages and salaries ($2,500+ $0.25g) Shipping ($0.60g) Utilities ($1,240) Other ($450 + $0.01g) Total expense Net operating income 8,000 $ 33,600 2,400 3,000 4,500 4,800 1,240 530 16,470 $ 17,130
Jackson Inc. produces leather handbags. The production budget for the next four months is: July 5,300 units, August 7,700 units, September 8,400 units, October 8,100 units. Each handbag requires 0.5 square meters of leather. Jackson Inc.’s leather inventory policy is 30% of next month’s production needs. On July 1 leather inventory was expected to be 795 square meters. What will leather purchases be in July? Multiple Choice 2,760 square meters 4,035 square meters 3,010 square meters 3,160 square meters
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 27,000 Revenue ($4.00q) $ 108,000 Expenses: Raw materials ($2.00q) 54,000 Wages and salaries ($6,200 + $0.20q) 11,600 Utilities ($2,100 + $0.05q) 3,450 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous ($700 + $0.10q) 3,400 Total expense 77,950 Net operating income $ 30,050 In July, 28,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 28,000 Revenue ($4.00q) $ 112,000 Expenses: Raw materials ($2.00q) 56,000 Wages and salaries ($6,200+ $0.20q) 11,800 Utilities ($2,100 + $0.05q) 3,500 Facility rent ($3,500) 3,500 Insurance ($2,000) 2,000 Miscellaneous…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Shipping ($0.55q) Utilities ($1,240) Quilcene Oysteria Flexible Budget For the Month Ended August 31 Other ($470 + $0.01g) Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,300 $ 30,295 2,555 3,400 5,320 4,015 1,240 543 17,073 $ 13,222 7,300 $ 27,000 2,725 3,260 5,730 3,745 1,050 1,163 17,673 $ 9,327
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in Augus The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.55q) Utilities ($1,290) Other ($480 + $0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,100 $ 29,465 2,485 3,100 4,985 3,905 1,290 551 16,316 $ 13,149 Actual pounds 7,100 Revenue $ 27,000 Expenses: Packing supplies 2,655 Oyster bed maintenance 2,960 Wages and salaries 5,395 3,635 1,100 1,171 16,916 Shipping Utilities Other Total expense Net operating income. Required: $ 10,084 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 7,100 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) Revenue ($4.10g) 7,100 $ 29,110 Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,300) Wages and salaries ($2,500 + $0.30q) Shipping ($0.55g) Utilities ($1,230) Other ($440 + $0.01q) Total expense 2,485 3,300 4,630 3,905 1,230 511 16,061 $ 13,049 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 27,500 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping 2,655 3,160 5,040 3,635 1,040 1,131 Utilities Other 16,661 $ 10,839 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 7,300 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) 7,300 Revenue ($4.20q) $ 30, 660 Expenses: Packing supplies ($0.40q) 2,920 Oyster bed maintenance ($3,100) 3, 100 Wages and salaries ($2,600 + $0.30q) 4,790 Shipping ($0.65q) 4,745 Utilities ( $1,200) 1,200 Other ($420 + $0.01q) 493 Total expense 17,248 Net operating income $ 13,412 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 27,400 Expenses: Packing supplies 3,090 Oyster bed maintenance 2,960 Wages and salaries 5,200 Shipping 4,475 Utilities 1,010 Other 1,113 Total expense 17,848 Net operating income $ 9,552 Required: Calculate the company' s revenue and spending variances for August. (Indicate the effect of each variance by…
Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) 24,000 Revenue ($4.40q) $ 105,600 Expenses: Raw materials ($2.10q) 50,400 Wages and salaries ($6,300 + $0.20q) 11,100 Utilities ($2,100 + $0.05q) 3,300 Facility rent ($3,300) 3,300 Insurance ($2,800) 2,800 Miscellaneous ($600 + $0.10q) 3,000 Total expense 73,900 Net operating income $ 31,700 In July, 25,000 meals were actually served. The company’s flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q) 25,000 Revenue ($4.40q) $ 110,000 Expenses: Raw materials ($2.10q) 52,500 Wages and salaries ($6,300+ $0.20q) 11,300 Utilities ($2,100 + $0.05q) 3,350 Facility rent ($3,300)…
August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.259) $ 31,025 Expenses: Packing supplies ($0.409) 2,920 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,400 + $0.459) 5,685 Shipping ($0.709) 5,110 Utilities ($1,290) 1,290 other ($450 + $0.019) 523 Total expense 18,628 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 12,397 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities other Total expense Net operating income Required: 7,300 $ 26,900 3,090 2,960 6,095 4,840 1,100 1,143 19,228 $ 7,672 Calculate the company's revenue and spending variances for August. (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…