uilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,700 pounds of oysters in gust. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (g) 7,700 Revenue ($4.10g) $ 31,570 Expenses: Packing supplies ($0.40g) 3,080 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,300 + $0.45g) 5,765 Shipping ($0.60g) Utilities ($1,230) 4,620 1,230 Other ($440 + $0.01g) 517 Total expense 18,312 $ 13,258 Het operating income actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 ctual pounds evenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other otal expense et operating income uired: 7,700 $ 26,900 3,250 2,960 6,175 4,350 1,040 1,137 18,912 $ 7,988 culate the company's revenue and spending variances for August. e: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero ance). Input all amounts as positive values.

uilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,700 pounds of oysters in gust. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (g) 7,700 Revenue ($4.10g) $ 31,570 Expenses: Packing supplies ($0.40g) 3,080 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,300 + $0.45g) 5,765 Shipping ($0.60g) Utilities ($1,230) 4,620 1,230 Other ($440 + $0.01g) 517 Total expense 18,312 $ 13,258 Het operating income actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 ctual pounds evenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other otal expense et operating income uired: 7,700 $ 26,900 3,250 2,960 6,175 4,350 1,040 1,137 18,912 $ 7,988 culate the company's revenue and spending variances for August. e: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero ance). 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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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: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 8,000 Revenue ($4.20q) $ 33,600 Expenses: Packing supplies ($0.30q) 2,400 Oyster bed maintenance ($3,000) 3,000 Wages and salaries ($2,400 + $0.30q) 4,800 Shipping ($0.80q) 6,400 Utilities ($1,220) 1,220 Other ($480 + $0.01q) 560 Total expense 18,380 Net operating income $ 15,220 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 Revenue $ 27,000 Expenses: Packing supplies 2,570 Oyster bed maintenance 2,860 Wages and salaries 5,210 Shipping 6,130 Utilities 1,030 Other 1,180 Total expense 18,980 Net operating income $…
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August. The company’s flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,100 Revenue ($4.15q) $ 29,465 Expenses: Packing supplies ($0.25q) 1,775 Oyster bed maintenance ($3,600) 3,600 Wages and salaries ($2,200 + $0.30q) 4,330 Shipping ($0.60q) 4,260 Utilities ($1,250) 1,250 Other ($410 + $0.01q) 481 Total expense 15,696 Net operating income $ 13,769 The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,100 Revenue $ 26,700 Expenses: Packing supplies 1,945 Oyster bed maintenance 3,460 Wages and salaries 4,740 Shipping 3,990 Utilities 1,060 Other 1,101 Total expense 16,296 Net operating income $ 10,404 Required: Calculate the company’s revenue…
Darling Harbor Co. manufactures chairs made of plastic tubing. Each chair requires 8 feet of tubing. The tubing costs $2 per foot. Budgeted production is: June 19,500 July 25,500 August 30,500 Budgeted production (# of chairs) Ending materials inventories are budgeted at 10% of the current month's production needs. There were 16,000 feet of tubing on hand at May 31. Prepare materials purchases budgets (in dollars) for June and July.
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,400 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.20q) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,180) Wages and salaries ($2,300 + $0.25q) Utilities ($1,250) Shipping ($0.750) Other ($460 +$0.019) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 31,080 2,220 3,100 4,150 5,550 1,250 534 16,804 $ 14,276 Packing supplies Wages and salaries Actual pounds Revenue Expenses: 7,400 $ 27,300 2,390 Oyster bed maintenance. 2,960 4,560 5, 280 1,060 1,154 17,404 $ 9,896 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…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,600 Revenue ($4.15q) $ 31,540 Expenses: Packing supplies ($0.40q) 3,040 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,000 + $0.25g) 3,900 Shipping ($0.80q) 6,080 Utilities ($1,280) 1,280 Other ($440 + $0.01q) 516 Total expense 18,216 $ 13,324 Net operating income The actual results for August appear below: 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 expense Required: 7,600 $ 26,800 3,210 3,260 4,310 5,810 1,090 1,136 18,816 Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U"…
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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,500 pounds of oysters in August. The company’s flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,500 Revenue ($4.20q) $ 31,500 Expenses: Packing supplies ($0.30q) 2,250 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,200 + $0.40q) 5,200 Shipping ($0.60q) 4,500 Utilities ($1,210) 1,210 Other ($480 + $0.01q) 555 Total expense 16,915 Net operating income $ 14,585 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $ 27,200 Expenses: Packing supplies 2,420 Oyster bed maintenance 3,060 Wages and salaries 5,610 Shipping 4,230 Utilities 1,020 Other 1,175 Total expense 17,515 Net operating income $…
Tracie Corporation manufactures and sells women's skirts. Each skirt (unit) requires 2.2 yards of cloth. Selected data from Tracie's master budget for next quarter are shown below: July August September 7,300 9,300 11,300 13,300 Budgeted sales (in units) Budgeted production (in units) 8,300 10,800 Each unit requires 0.8 hours of direct labor, and the average hourly cost of Tracie's direct labor is $18. What is the cost of Tracie Corporation's direct labor in September?
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 7,000 $ 28,700 Actual pounds (q) Revenue ($4.10q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3, 100) Wages and salaries ($2,500 + $0.45g) Shipping ($0.75q) Utilities ($1,210) Other ($480 + $0.01g) Total expense 2,450 3,100 5,650 5,250 1,210 550 18,210 $ 10,490 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,000 Revenue $ 27,400 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,620 2,960 6,060 4,980 1,020 1,170 18,810 Other Total expense $ 8,590 Net operating income Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by…