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 fiexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 8,000 $ 33, 200 Revenue ($4.15q) Expenses: Packing supplies (se.30g) Oyster bed maintenance ($3,200) kages and salaries ($2,480 + se.30g) Shipping ($e.68q) Utilities ($1,290) Other ($420 + se.ei4) Total expense 2,40e 3, 200 4,80e 4,800 1,29e se0 16,990 Net operating income $ 16,210 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 $ 27, 300 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,570 3,06e 5,210 4,530 1,100 1,120 17,59e $ 9,710 Other Total expense Net operating income Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of esch verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (L.e., zero verlance). Input all amounts as positive values.) Quilcene 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
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 fiexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 8,000 $ 33, 200 Revenue ($4.15q) Expenses: Packing supplies (se.30g) Oyster bed maintenance ($3,200) kages and salaries ($2,480 + se.30g) Shipping ($e.68q) Utilities ($1,290) Other ($420 + se.ei4) Total expense 2,40e 3, 200 4,80e 4,800 1,29e se0 16,990 Net operating income $ 16,210 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 $ 27, 300 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 2,570 3,06e 5,210 4,530 1,100 1,120 17,59e $ 9,710 Other Total expense Net operating income Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of esch verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (L.e., zero verlance). Input all amounts as positive values.) Quilcene 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
$ 33, 200
Revenue ($4.159)
Expenses:
Packing supplies ($0.38g)
Oyster bed maintenance ($3, 200)
wages and salaries ($2,4ee + $0.38g)
Shipping ($8.68g)
Utilities ($1,290)
Other ($420 + $e.e1q)
Total expense
2,400
3, 200
4,800
4,800
1,290
50e
16,990
$ 16,210
Net operating income
The actual results for August appear below:
Quilcene Oysteria
Income Statement
For the Month Ended August 31
Actual pounds
8, e0e
Revenue
$ 27, 300
Expenses:
Packing supplies
Oyster bed maintenance
Wages and salaries
Shipping
Utilities
2,570
3, 060
5,210
4,530
1,100
1,120
17,590
$ 9,710
Other
Total expense
Net operating income
Requlred:
Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for
favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.)
Quilcene 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
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