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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: For Actual pounds (g). Revenue ($4.10g) Expenses: Packing supplies ($0.40g) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Quilcene Oysteria Flexible Budget the Month Ended August 31 Shipping ($0.65g) Utilities ($1,220) Other ($460+ $0.01g) Total expense Net operating income. Actual pounds Revenue Expenses: The actual results for August were as follows: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Revenue Expenses: 7,900 $ 32,390 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 3,160 3,400 5,560 5,135 1,220 539 Quilcene Oysteria Income Statement For the Month Ended August 31 19,014 $ 13,376 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.) 7,900 $ 26,500 3,330 3,260 5,970 4,865 1,030 1,159 19,614 $ 6,886

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: For Actual pounds (g). Revenue ($4.10g) Expenses: Packing supplies ($0.40g) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Quilcene Oysteria Flexible Budget the Month Ended August 31 Shipping ($0.65g) Utilities ($1,220) Other ($460+ $0.01g) Total expense Net operating income. Actual pounds Revenue Expenses: The actual results for August were as follows: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Revenue Expenses: 7,900 $ 32,390 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 3,160 3,400 5,560 5,135 1,220 539 Quilcene Oysteria Income Statement For the Month Ended August 31 19,014 $ 13,376 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.) 7,900 $ 26,500 3,330 3,260 5,970 4,865 1,030 1,159 19,614 $ 6,886

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 7,900 pounds of oysters in August. The company's flexible budget for August appears below: For Actual pounds (g) Revenue ($4.10g) Expenses: Packing supplies ($0.40g) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Shipping ($0.65g) Utilities ($1,220) Other ($460+ $0.01g) Total expense Net operating income. Quilcene Oysteria Flexible Budget the Month Ended August 31 Actual pounds Revenue Expenses: The actual results for August were as follows: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Revenue Expenses: 7,900 $ 32,390 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 3,160 3,400 5,560 5,135 1,220 539 Quilcene Oysteria Income Statement For the Month Ended August 31 19,014 $ 13,376 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.) 7,900 $ 26,500 3,330 3,260 5,970 4,865 1,030 1,159 19,614 $ 6,886
Transcribed Image Text: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: For Actual pounds (g) Revenue ($4.10g) Expenses: Packing supplies ($0.40g) Oyster bed maintenance ($3,400) Wages and salaries ($2,400 + $0.40g) Shipping ($0.65g) Utilities ($1,220) Other ($460+ $0.01g) Total expense Net operating income. Quilcene Oysteria Flexible Budget the Month Ended August 31 Actual pounds Revenue Expenses: The actual results for August were as follows: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Revenue Expenses: 7,900 $ 32,390 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 3,160 3,400 5,560 5,135 1,220 539 Quilcene Oysteria Income Statement For the Month Ended August 31 19,014 $ 13,376 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.) 7,900 $ 26,500 3,330 3,260 5,970 4,865 1,030 1,159 19,614 $ 6,886
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