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 (4) Revenue ($4.15q) Expenses: Packing supplies (50.300) Oyster bed maintenance ($3,300) wages and salaries ($2,200 $0.254) Shipping ($8.68g) utilities ($1,260) Other (1458. se.01g) Quilcene Oysteria Flexible Budget For the Month Ended August 31 Total expense Net operating income 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 Revenue Expenses Quiicene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 7,300 $ 38,295 Total expense Net operating income 2,198 3,300 4,825 4,380 1,260 523 15,678 $ 14,617 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 (1.e., zero variance). Input all amounts as positive values.) 7,300 $ 26,888 2,368 3,160 4,435 4,118 1,070 1,143 16,278 $ 10,522
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 (4) Revenue ($4.15q) Expenses: Packing supplies (50.300) Oyster bed maintenance ($3,300) wages and salaries ($2,200 $0.254) Shipping ($8.68g) utilities ($1,260) Other (1458. se.01g) Quilcene Oysteria Flexible Budget For the Month Ended August 31 Total expense Net operating income 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 Revenue Expenses Quiicene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 7,300 $ 38,295 Total expense Net operating income 2,198 3,300 4,825 4,380 1,260 523 15,678 $ 14,617 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 (1.e., zero variance). Input all amounts as positive values.) 7,300 $ 26,888 2,368 3,160 4,435 4,118 1,070 1,143 16,278 $ 10,522
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Do not give answer in image
![Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3]
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 (4)
Revenue ($4.15q)
Expenses:
Packing supplies (50.300)
Oyster bed maintenance ($3,300)
wages and salaries ($2,200 $8.259)
Shipping ($8.609)
utilities ($1,260)
Other (1450 $0.01g)
Total expense
Net operating income
Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
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
Revenue
Expenses
Quilcene. Oyeteris
Revenue and Spending Variances
For the Month Ended August 31
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
7,300
$ 30,295
Total expense
Net operating income
2,198
3,300
4,825
4,388
1,260
523
15,678
$14,617
7,300
$ 26,800
Required:
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 (.e., zero variance). Input all amounts as positive values.)
2,368
3,168
4,435
4,110
1,070
1,143
16,278
$ 10,522](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F68e23954-6a26-403a-9728-84b2d77c55d1%2Fc054cf29-79c3-4f7f-b62e-5885af1b83aa%2Fgh0qlr9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3]
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 (4)
Revenue ($4.15q)
Expenses:
Packing supplies (50.300)
Oyster bed maintenance ($3,300)
wages and salaries ($2,200 $8.259)
Shipping ($8.609)
utilities ($1,260)
Other (1450 $0.01g)
Total expense
Net operating income
Quilcene Oysteria
Flexible Budget
For the Month Ended August 31
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
Revenue
Expenses
Quilcene. Oyeteris
Revenue and Spending Variances
For the Month Ended August 31
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
7,300
$ 30,295
Total expense
Net operating income
2,198
3,300
4,825
4,388
1,260
523
15,678
$14,617
7,300
$ 26,800
Required:
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 (.e., zero variance). Input all amounts as positive values.)
2,368
3,168
4,435
4,110
1,070
1,143
16,278
$ 10,522
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education