Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters inAugust. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (g)Revenue ($4.05g)ExpensessPacking supplies ($0.35g)Oyster bed maintenance ($3,200)Hages and salaries ($2,400+ $0.50g)Shipping ($0.75g)Utilities ($1,280)Other (8420 $0.01g)Total expenseNet operating incomeThe actual results for August appear below:Quilcene DyateriaIncome StatementFor the Month Ended August 31RevenueExpenses:Actual poundsPacking supplienOyster bed maintenance.Mages and salariesShippingDellitiesOtherTotal expenseBet operating income7,90027,3002,9353,0606,7605,6551.09020.6196,4017,900$31,9952,7653,2006,3505,9251,28049920,019$ 11,976Required:Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values) Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,900 pounds of oysters inAugust. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (g)Revenue ($4.05g)ExpensessPacking supplies ($0.35g)Oyster bed maintenance ($3,200)Hages and salaries ($2,400+ $0.50g)Shipping ($0.75g)Utilities ($1,280)Other (8420 $0.01g)Total expenseNet operating incomeThe actual results for August appear below:Quilcene DyateriaIncome StatementFor the Month Ended August 31RevenueExpenses:Actual poundsPacking supplienOyster bed maintenance.Mages and salariesShippingDellitiesOtherTotal expenseBet operating income7,90027,3002,9353,0606,7605,6551.09020.6196,4017,900$31,9952,7653,2006,3505,9251,28049920,019$ 11,976Required:Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values)

Revenue and spending variance is the difference between actual results and flexible budget data.…

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

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

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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Accounting Capstone - Budget Performace Variance Report
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Mailings Review View Help Tell me what you want to do AB-T A. G II M Paragraph 5 Styles Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: cost formulas Direct labor AaBbCcDd AaBbCcDd AaBbC AaBbCct AaB AaBbCcD AaBbCcDd Ac 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... E $16.20q Indirect labor $4,600+ $1.50q Utilities $5,200 + $0.40q Supplies Equipment depreciation Factory rent $8,400 Property taxes $2,800 Factory administration $13,300 + $0.60q The Production Department planned to work 4,000 labor-hours in March; however, it actually worked 3,800 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 63,120 Indirect labor $9,780…
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Revenue variances Rockport Industries Inc. gathered the following data for March: Sales price per unit Number of units of sales Total sales Planned $150 x 12,500 Actual $144 x 12,900 $1,875,000 $1,857,600 Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Compute the revenue price variance. b. Compute the revenue volume variance. $ c. Compute the total revenue variance.