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Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 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) 7,300 Revenue ($4.159) $ 30,295 Expenses: Packing supplies ($0.359) 2,555 Oyster bed maintenance ($3,600) 3,600 Wages and salaries ($2,500 + $0.459) 5,785 Shipping ($0.759) 5,475 Utilities ($1,240) 1,240 Other ($420 + $0.019) 493 Total expense 19,148 Net operating income $11,147 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $26.500
The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,300 Revenue $ 26,500 Expenses: Packing supplies 2,725 Oyster bed maintenance 3,460 Wages and salaries 6,195 Shipping 5,205 Utilities 1,050 Other 1,113 Total expense 19,748 Net operating income $ 6,752 Required: Calculate the company's revenue and spending variances for Augus. (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
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.) Quilcone Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating Income