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 7,900 pounds of oysters in August. The company's flexible budget for August appears below. Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) 7,900 Revenue ($4.25q) $33,575 Expenses: Packing supplies ($0.25q) 1,975 Oyster bed maintenance ($3,400) 3,400 Wages and salaries ($2,100 + $0.30q) 4,470 Shipping ($0.70q) 5,530 Utilities ($1,230) 1,230 Other ($500+ $0.01) 579 Total expense 17,184 Net operating income $ 16,391 The actual results for August appear below: Quilcene Oysteria Income Statement For the Honth Ended August 31 Actual pounds Revenue. Expenses: Packing supplies 7,900 $ 26,000 2,145 Oyster bed maintenance 3,260 Hages and salaries 4,880 Shipping 5,260 Utilities 1,040 Other 1,109 Total expense 17,784 Net operating incone $8,816 Required: 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.) 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