EX9-3 Prepare a report showing Revenue and spending variance. Olympia Bivalve farms and sells oysters in the pacific Northwest. The company harvested and sold 7000 pounds of oysters in July. The company's flexible budget for July papers below: Olympia Bivalve Flexible Budget For the Month Ended July 31 Actual pounds(q) . 7,000 Revenue($4.20q) $29,400 Exp: Packing supplies($0.4.q) 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+$0.05q) 860 Total expense..19,810 Net operating income$ 9,590 The actual results for July appear below: Olympia Bivalve Income statement For the Month Ended July 31 Actual pounds . 7,000 Revenue $28,600 Exp: Packing supplies 2,970 Oyster bed maintenance..3,460 Wages and salaries .. 6,450 Shipping 4,980 Utilities 1,070 Other1,480 Total expense..20,410 Net operating income$ 8,190 Required : Prepare a report showing the company's revenue and spending variances for July