9 Homework Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,200) Wages and salaries ($2,100 + $0.45q) Shipping ($0.65g) Utilities ($1,290) Other ($500 + $0.819) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,000 $ 29,058 2,458 3,200 5,250 4,550 1,290 570 17,319 $ 11,740 Actual pounds Revenue Expenses: es Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,808 $ 27,100 2,620 3,060 5,668 4,280 1,100 1,190 17,910 $ 9,198 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Le., zero variance). Input all amounts as positive values. Revenue Expenses: Packing supplies Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income

9 Homework Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,200) Wages and salaries ($2,100 + $0.45q) Shipping ($0.65g) Utilities ($1,290) Other ($500 + $0.819) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,000 $ 29,058 2,458 3,200 5,250 4,550 1,290 570 17,319 $ 11,740 Actual pounds Revenue Expenses: es Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,808 $ 27,100 2,620 3,060 5,668 4,280 1,100 1,190 17,910 $ 9,198 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Le., zero variance). Input all amounts as positive values. Revenue Expenses: Packing supplies Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses 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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Actual pounds (q) Revenue ($4.00g) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.309) Shipping ($0.809) Utilities ($830) Other ($450+ $0.059) Total expense Net operating income Flexible Budget For the Month Ended August 31 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 Net operating income Revenue Expenses: Shipping Utilities Other Packing supplies Oyster bed maintenance Wages and salaries 8,000 $ 35, 200 4,200 3,100 5,640 6,950 810 980 Total expense Net operating income 21,680 $ 13,520 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.)…
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