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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.70q) Utilities ($1,260) Other ($440+ $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,800 $ 31,980 2,730 3,100 5,230 5,460 1,260 518 18, 298 $ 13,682 7,800 $ 27,200 2,900 2,960 5,640 5,190 1,070 1,138 18,898 $ 8,302 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 7,800 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.70q) Utilities ($1,260) Other ($440+ $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,800 $ 31,980 2,730 3,100 5,230 5,460 1,260 518 18, 298 $ 13,682 7,800 $ 27,200 2,900 2,960 5,640 5,190 1,070 1,138 18,898 $ 8,302 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
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 7,800 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.70q) Utilities ($1,260) Other ($440+ $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,800 $ 31,980 2,730 3,100 5,230 5,460 1,260 518 18, 298 $ 13,682 7,800 $ 27,200 2,900 2,960 5,640 5,190 1,070 1,138 18,898 $ 8,302 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.)
Transcribed Image Text:Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.70q) Utilities ($1,260) Other ($440+ $0.019) Total expense Net operating income The actual results for August were as follows: Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,800 $ 31,980 2,730 3,100 5,230 5,460 1,260 518 18, 298 $ 13,682 7,800 $ 27,200 2,900 2,960 5,640 5,190 1,070 1,138 18,898 $ 8,302 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.)
Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income F None U
Transcribed Image Text:Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income F None U
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