None Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (q)7,100Revenue ($4.05q)$ 28,755Expenses:Packing supplies ($0.25q)1,775Oyster bed maintenance ($3,400)3,400Wages and salaries ($2,000 + $0.50q)5,550Shipping ($0.75q)5,325Utilities ($1,290)1,290Other ($420 + $0.01q)491Total expenses17,831$ 10,924Net operating incomeThe actual results for August were as follows:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual poundsRevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expensesNet operating incomeRequired:7,100$ 26,6001,9453,2605,9605,0551,1001,11118,431$ 8,169Calculate the company's revenue and spending variances for August.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.

The revenue and spending variance is the difference between the flexible budget and the actual cost…

Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.05q) $ 28,755 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,000 + $0.509) 5,550 Shipping ($0.75q) 5,325 Utilities ($1,290) 1,290 Other ($420 + $0.019) 491 Total expenses 17,831 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 10,924 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,100 $ 26,600 1,945 3,260 5,960 5,055 1,100 1,111 18,431 $ 8,169 Calculate the company's revenue and spending variances for August. Note: 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 Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.05q) $ 28,755 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,000 + $0.509) 5,550 Shipping ($0.75q) 5,325 Utilities ($1,290) 1,290 Other ($420 + $0.019) 491 Total expenses 17,831 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 10,924 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,100 $ 26,600 1,945 3,260 5,960 5,055 1,100 1,111 18,431 $ 8,169 Calculate the company's revenue and spending variances for August. Note: 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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