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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
So not give solution in image format
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
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
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