53 Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,700 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) Revenue ($4.20q) Expenses: Packing supplies ($0.304) Oyster bed maintenance ($3,500) ces Wages and salaries ($2,500 $0.45q) Shipping (50.75q) Utilities ($1,300) Other ($470 +$0.010) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31. 7,700 $ 32,340 2,310 3,500 5,965 5,775 1,300 547 19,397 $ 12,943 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Hages and salaries Shipping Utilities: Other Total expenses Net operating income 7,700 $ 27,400 2,480 3,360 6,375 5,ses 1,110 1,167 19,997 $ 7,403 Required: Calculate the company's revenue and spending variances for August. Note: 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 Revenue and Spending Variances For the Month Ended August 31 ces Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income