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Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (9) 400 $168,000 Revenue ($420.00) Expenses: Wages and salaries ($11,000 + $122.00) Supplies ($4.00) Equipment rental ($2,300 + $22.009) Insurance ($4,100) Miscellaneous ($510 + $1.449) Total expense Net operating income 59,800 1,600 11,100 4,100 1,086 77,686 $ 90,314 During May, the company's actual activity was 390 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Partia divina.hu ren 77,686 $ 90,314 Total expense Net operating income During May, the company's actual activity was 390 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 l'Actual diving hours 390 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous 0 Total expense Net operating income $ 0 Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 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 (9) 7,600 Revenue ($4.209) $ 31,920 Expenses: Packing supplies ($0.409) 3,040 Oyster bed maintenance ($3,200) 3,200 Wages and salaries ($2,200 + $0.459) 5,620 Shipping (50.700) 5,320 Utilities ($1,270) 1,270 Other ($410 + $0.019) 486 Total expense 18,936 Net operating income $ 12,984 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 $ 26,500 Revenue Expenses: Packing supplies Oyster bed maintenance 3,210 3.060 Openy .rvy) Utilities ($1,270) Other ($410 + $0.019) Total expense Net operating income 1,270 486 18,936 $ 12,984 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 Revenue $ 26,500 Expenses: Packing supplies 3,210 Oyster bed maintenance 3,060 Wages and salaries 6,030 Shipping 5,050 Utilities 1,080 Other 1.106 Total expense 19,536 Net operating income $ 6,964 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.) Quilcene Oysteria 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 (.e., zero variance). Input all amounts as positive values.) Quilcone 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
