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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

FINANCIAL ACCOUNTING
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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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
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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