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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 (q) Revenue ($4.00q) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.30g) Shipping ($0.80q) Utilities ($830) Other ($450+ $0.05q) Total expense Net operating income The actual results for August were as follows: Quilcene Oysterial Income Statement For the Month Ended August 31 Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense 8,000 $ 32,000 4,000 3,200 5,300 6,400 830 850 20,580 $ 11,420 8,000 $ 35,200 4,200 3,100 5,640 6,950 810 980 21,680 12 528

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 (q) Revenue ($4.00q) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.30g) Shipping ($0.80q) Utilities ($830) Other ($450+ $0.05q) Total expense Net operating income The actual results for August were as follows: Quilcene Oysterial Income Statement For the Month Ended August 31 Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense 8,000 $ 32,000 4,000 3,200 5,300 6,400 830 850 20,580 $ 11,420 8,000 $ 35,200 4,200 3,100 5,640 6,950 810 980 21,680 12 528

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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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
Transcribed Image Text: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
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 (q) Revenue ($4.00q) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.30g) Shipping ($0.80q) Utilities ($830) Other ($450+ $0.05q) Total expense Net operating income The actual results for August were as follows: Quilcene Oysterial Income Statement For the Month Ended August 31 Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Packing supplies. Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense 8,000 $ 32,000 4,000 3,200 5,300 6,400 830 850 20,580 $ 11,420 8,000 $ 35,200 4,200 3,100 5,640 6,950 810 980 21,680 12 520
Transcribed Image Text: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 (q) Revenue ($4.00q) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.30g) Shipping ($0.80q) Utilities ($830) Other ($450+ $0.05q) Total expense Net operating income The actual results for August were as follows: Quilcene Oysterial Income Statement For the Month Ended August 31 Actual pounds Revenue Quilcene Oysteria Flexible Budget the Month Ended August 31 Expenses: Packing supplies. Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense 8,000 $ 32,000 4,000 3,200 5,300 6,400 830 850 20,580 $ 11,420 8,000 $ 35,200 4,200 3,100 5,640 6,950 810 980 21,680 12 520
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