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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
Transcribed Image Text: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 + $0.50q)
5,550
Shipping ($0.75q)
5,325
Utilities ($1,290)
1,290
Other ($420 + $0.01q)
491
Total expenses
17,831
$ 10,924
Net operating income
The actual results for August were as follows:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
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