Exercise 10-3 Prepare a Report Showing Revenue and Spending Variances [LO10-3] 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: 7.700 $31.955 Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) Revenue ($4.159) Expenses: Packing supplies (50.300) Oyster bed maintenance ($3,500) Wages and salaries ($2,200 + $0.309) Shipping ($0.809) Utilities ($1.230) Other (S430 + $0.019) Total expense Net operating income 2.310 3,500 4,510 6,160 1,230 507 18,217 $13,738 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7.700 Revenue $27.300 Expenses: Packing supplies 2.480 Oyster bed maintenance 3.380 Wages and salaries 4.920 Shipping 5.890 Utilities 1.040 Other 1.127 Total expense 18.817 Net operating income $ 8.483 Required: Compute 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 Utilities Other Total expense Net operating income