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 ($4.10q) 7,100 $ 29,110 Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,300) Wages and salaries ($2,500 + $0.30q) Shipping ($0.55q) Utilities ($1,230) Other ($440 + $0.01q) 2,485 3,300 4,630 3,905 1,230 511 Total expense 16,061 Net operating income $ 13,049 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 Utilities 1,131 16,661 $ 10,839 Other Total expense Net operating income 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 amouunts as positive values

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 ($4.10q) 7,100 $ 29,110 Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,300) Wages and salaries ($2,500 + $0.30q) Shipping ($0.55q) Utilities ($1,230) Other ($440 + $0.01q) 2,485 3,300 4,630 3,905 1,230 511 Total expense 16,061 Net operating income $ 13,049 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 Utilities 1,131 16,661 $ 10,839 Other Total expense Net operating income 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 amouunts 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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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…
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