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 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 ($0.359) Oyster bed maintenance ($3,300) Wages and salaries ($2,400 + $0.459) Shipping ($0.759) Utilities ($1,290) Other ($440 + $0.019) Total expense Net operating income 2,695 3,300 5,865 5,775 1,290 517 19,442 $ 12,513 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,700 Revenue $ 26, 700 Expenses : Packing supplies 2,865 Oyster bed maintenance 3,160 Wages and salaries 6,275 Shipping 5,505 Utilities 1,100 Other 1,137 Total expense 20,042 Net operating income $ 6,658 Requirea: 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.) Answer is complete but not entirely correct. >S Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue $ 4,555 U Expenses: Packing supplies 170U Oyster bed 140 F maintenance Wages and salaries 410 U Shipping 270 F Utilities 190 F Other 620U Total expense 600U Net operating income 5 U BI