7 15 points Exercise 9-2 (Algo) Prepare a Report Showing Revenue and Spending Variances [LO9-2] 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 034104 For the Month Ended August 31 Actual pounds (9) 8,000 Revenue ($4.10g) 32,800 Expenses Hint Packing supplies (50.30g) 2,400 Oyster bed maintenance ($3,100) 3,100 References Wages and salaries ($2,600 + $0.35g). 5,400 Shipping ($0.65g) 5,200 Utilities ($1,250) 1,250 Other (5410 + $0.01) 490 Total expense 17,040 $14,960 Net operating income The actual results for August appear below. Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 8,000 Revenue $26,500 Expenses Packing supplies. 2,570 Oyster bed maintenance 2,960 Wages and salaries) 5,010 Shipping 4,930 Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: 8,000 $ 26,500 Packing supplies Wages and salaries Shipping 2,570 Oyster bed maintenance 2,960 5,810 4,930 Utilities Other Total expense 1,060 1,110 18,440 $ 8,060 Net operating income 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 Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping C