Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7100 pounds of oysters in August. The company's flexible budget for August appears below: Actual pounds (g) Revenue ($4.10g) Expenses: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Packing supplies ($0.35g) Oyster bed naintenance ($3,600) Wages and salaries ($2,400+ $0.50q) Shipping ($0.80g) Utilities ($1,230) Other ($460 Total expenses Net operating income The actual results for August were as follows: Actual pounds Revenue Expenses: $0.01g) Quilcene Oysteria Incone Statement For the Month Ended August 31, Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,100 $29,110 2,485 3,600 5,950 5,680 1,230 531 19,476 $9,634 7,100 5.26,500 2,655 3,460 6,360 5,410 1,040 1,151 20,076 $ 6,424 Required: Calculate the company's revenue and spending variances for August.

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…