Vanances should be of concern to management? Explain. UI July. 2. EXERCISE 9-3 Prepare a Report Showing Revenue and Spending Variances [LO9-3] 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 ($4.00q) ... $32,000 Expenses: Packing supplies ($0.50q) ..... Oyster bed maintenance ($3,200) . Wages and salaries ($2,900 + $0.30q) Shipping ($0.80q) ... Utilities ($830) Other ($450 + $0.05q) .... 4,000 3,200 5,300 6,400 830 850 20,580 Total expense $11,420 Net operating income 414 Chapter 9 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 Revenue $35,200 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping.... Utilities . 4,200 3,100 5,640 6,950 810 Other 980 Total expense 21,680 ... Net operating income .. $13,520 Required: Prepare a report showing the company's revenue and spending variances for August.

Vanances should be of concern to management? Explain. UI July. 2. EXERCISE 9-3 Prepare a Report Showing Revenue and Spending Variances [LO9-3] 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 ($4.00q) ... $32,000 Expenses: Packing supplies ($0.50q) ..... Oyster bed maintenance ($3,200) . Wages and salaries ($2,900 + $0.30q) Shipping ($0.80q) ... Utilities ($830) Other ($450 + $0.05q) .... 4,000 3,200 5,300 6,400 830 850 20,580 Total expense $11,420 Net operating income 414 Chapter 9 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 Revenue $35,200 Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping.... Utilities . 4,200 3,100 5,640 6,950 810 Other 980 Total expense 21,680 ... Net operating income .. $13,520 Required: Prepare a report showing the company's revenue and spending variances for August.

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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