Utilities Other Total expense Net operating income Required: 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 variance). Input all amounts as positive values. Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 1,820 1,181 18,876 $ 8,224 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities
Utilities Other Total expense Net operating income Required: 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 variance). Input all amounts as positive values. Revenue Expenses: Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 1,820 1,181 18,876 $ 8,224 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Do not give answer in image
Transcribed Image Text:Utilities
Other
Total expense
Net operating income
Required:
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.
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Quilcene Oysteria
Revenue and Spending Variances
For the Month Ended August 31
Total expense
Net operating income
1,020
1,181
18,876
$ 8,224
Transcribed Image Text: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 (a)
Revenue ($4.25q)
Expenses:
Packing supplies ($0.40g)
Oyster bed maintenance ($3,100)
Wages and salaries ($2,400+ $0.459)
Shipping ($0.700)
Utilities ($1,210)
Other ($490 10.019)
Total expense
Net operating income
The actual results for August were as follows:
Quilcene Oysteria
Incone Statement
For the Month Ended August 31
Actual pounds
Revenue
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
Other
Total expense
Net operating income
7,100
$ 30,175
2,840
3,100
5,595
4,970
1,210
561
18,276
$ 11,899
7,100
$ 27,100
3,010
2,960
6,005
4,700
1,020
1,181
18,876
$8,224
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
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