Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters inAugust. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (g)7,800$ 32,370Revenue ($4.159)Expenses:Packing supplies ($0.30g)Oyster bed maintenance ($3, 500)Wages and salaries ($2,109 + $0.45g)Shipping ($8.55q)Utilities ($1,280)Other ($460 + $e.019)Total expense2,3403, 5ee5,6104,2901, 28053817,558$ 14,812Net operating incomeThe actual results for August appear below:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual pounds7,800Revenue$ 26,900Expenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilities2,5103, 36е6,0204, 0201,e901,15818,158OtherTotal expenseNet operating income$ 8,742Requlred:Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.)Quilcene OysteriaRevenue and Spending VariancesFor the Month Ended August 31RevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expenseNet operating income

Name: Quilcene Oysteria farms and sells oysters in the Pacific Northwest. T
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Description: Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters inAugust. The company's flexible budget for August appears below:Quilcene OysteriaFlexible BudgetFor the Month Ended August 31

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Business

Accounting

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 (Il.e., zero varlance). Input all amounts as positive values.)

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 (Il.e., zero varlance). Input all amounts as positive values.)

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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1. Prepare a report showing the conpany's activity variances for July. 2. Which of the activity variances should be of concern to management? Explain.