Actual pounds (q) Revenue ($4.20q) Expenses Olympia Bivalve Flexible Budget For the Month Ended July 31 7,000 $ 29,400 Packing Supplies ($0.40q) $ 2,800 Oyster Bed Maintenance ($3,600) 3,600 Wages and Salaries ($2,540 + $0.50q) 6,040 Shipping ($0.75q) 5,250 Utilities ($1,260) 1,260 Other ($510 + $0.05q) 860 Total Expense Net Operating Income $ 19,810 $ 9,590 Olympia Bivalve Income Statement For the Month Ended July 31 Actual pounds (q) Revenue ($4.20q) 7,000 $ 28,600 Expenses Packing Supplies $ 2,970 Oyster Bed Maintenance 3,460 Wages and Salaries 6,450 Shipping 4,980 Utilities 1,070 Other 1,480 Total Expense $ 20,410 Net Operating Income $ 8,190 Prepare a report showing the company's revenue and spending variances for July Be sure to indicate whether variance is Favorable "F", Unfavorable "U", or no change (leave blank). Olympia Bivalve Revenue and Spending Variances For the Month Ended July 31 Actual pounds (q) Revenue ($4.20q) Expenses Packing Supplies ($0.40q) Oyster Bed Maintenance ($3,600) Wages and Salaries ($2,540 + $0.50q) Shipping ($0.75q) Utilities ($1,260) Other ($510 + $0.05q) Total Expense Net Operating Income Flexible Budget Income Statement Revenue and Favorable/ Spending Unfavorable Variances Try Again! Try Again