Exercise 9-2 (Algo) Prepare a Report Showing Revenue and Spending Variances (L09-2] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7500 pounds of oysters in August. The company's flexible budget for August appears below: Qullcene Oysteris Flexible Budget For the Month Ended August 31 Actual pounds ) 7,500 Revenue (54.059) $ 30,375 Expenses: Packing supplies (50,254) 1,875 Oyster bed maintenance (53,100) 3.100 Mapes and salaries (52,500 50.454) 5,875 Shipping (50.709) 5,250 Utilities (51,250) 1,250 Other (5450 50.019) Total expense 12,325 5.12,500 Net operating Income The actual results for August appear below d The actual results for August appear below. Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $ 27,200 Expenses: Packing supplies 2,045 Oyster bed maintenance 2,980 Wages and salaries 6,285 Shipping 4,989 Utilities 1,060 Other 1,145 Total expense 18,475 Net operating income $ 8,725 K Inces Required: Calculate the company's revenue and spending variances for August (Indicate the effect of each varian favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as posi Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts as positive values.) BA Quilceni Oyntetla Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses Packing supplies Oyster bed maintenance Wages and salaries Shipping Ulties Other Total expense Net operating inconto ces